Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) has made up some ground since the recent market correction. But the gains have still been fairly muted. Note that GOOGL stock is still about 7% of its 52-week high.

Now there are certainly some well-grounded worries. For example, one of the risks is that there will be more regulation to deal with the growing market power as well as problems like fake news.

But competition is another factor. Just look at Amazon.com, Inc. (NASDAQ:AMZN). The company has been aggressively investing in its advertising business, which could weigh on Google.

Yet I think the risks are manageable. When it comes to regulations, the process can take years — and GOOGL has the resources to fight. And as for AMZN, the company is still in the early stages with its advertising efforts.

So yes, I think Google stock looks like a good opportunity right now. Let’s take a look at why:

Advantage No. 1 for Google Stock: Diverse Business

GOOGL has a portfolio of marquee online platforms. Keep in mind that seven of them have over 1 billion users (the main Google property, YouTube, Gmail, Maps, Chrome, Android and Play).

The company is also at the lead of various megatrends. One is video, which is led by the YouTube platform. It has become more than just a place for users to make uploads. Over the years, GOOGL has invested heavily in developing strong content offerings.

Next, there is the Google Cloud. Even though the company has been late to the game, it has still done a pretty good job at scaling up. During the latest quarter, the revenues hit $1 billion. A key part of the growth story is that the platform is getting much more traction with enterprises.

However, Google’s search business should be highlighted as well. While it is mature, it still is a source of high-margin revenues. Keep in mind that GOOGL accounts for 90% of the world’s Internet searches.

Advantage No. 2 for Google Stock: Innovation

Since its founding 20 years ago, GOOGL has been obsessed with pushing innovation. What’s more, the company has been able to harness the technologies into successful products.

It’s true that there have been some blunders. But hey, this is normal. For the most part, if there are no failures, then a company is not trying hard enough.

Now perhaps the most important driver for GOOGL stock — when it comes to innovation — is Artificial Intelligence. According to CEO Sundar Pichai: “Technology is an incredibly dynamic industry. We’ve been laying a foundation for the next decade as we pivot to an AI first company, powering the next generation of Google products like the Google Assistant. These bets have enormous potential and already they are showing real momentum and gaining traction.”

But AI is likely to have a pervasive impact across all of GOOGL’s platforms, by allowing for more personalization. The technology will also be critical for other growth areas like Augmented Reality, Virtual Realty and the Internet-of-Things.

Advantage No. 3 for Google Stock: Solid Financials

GOOGL stock is trading at a reasonable valuation, with the forward price-to-earnings multiple at 23X. This is inline with other large tech operators like Facebook Inc (NASDAQ:FB) and Microsoft Corporation (NASDAQ:MSFT).

Cash flows also continue to remain at significant levels. During the latest quarter, they came to $10 billion. The company also has recently instituted a buyback program for Google stock for up to $8.59 billion.

But more importantly, the growth should remain intact, as the company is the leader in key market segments. And the company has certainly had a great track record with execution, as the average revenue increase for the past 32 quarters has been roughly 20%.

Tom Taulli is the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.