If you look at the data, it becomes obvious that Google is the undisputed master of artificial intelligence.

This fact alone may mean that Google is even more valuable as a company than the markets are currently letting on. Google’s AI is finding its way into more and more of Google’s operations, reducing costs while supporting more accurate and useful products. Their AI is allowing them to reduce costs for the company’s cloud computing arm, while supporting Waymo’s autonomous driving projects. So, what is the total value of Google’s AI, its applications, and its potential? Well, it currently looks like the total value is showing up under Google parent company Alphabet’s ticker (GOOGL). According to The Street, Alphabet’s stock was valued $1,214.65 last week, which would make the company worth a mere 5.2 times its projected revenue of $152 billion for 2019, based on the market cap of $839 billion. This suggests that the stock’s price doesn’t reflect all of Alphabet’s tangible assets, which include $121 billion in cash and cash equivalents as of last quarter’s close.

While Alphabet’s current valuation is low when you consider all of the company’s assets, this doesn’t even take the intangible asset value of AI. Right now, AI is still young and it’s impossible to measure it as an asset because AI represents not just one thing, but a whole series of technologies and capabilities. These things are likely to turn out more valuable than the company’s current, tangible assets.