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Forget Apple & Alphabet, these 2 stocks are better investments: McNamee

Alphabet may have briefly surpassed Apple as the world's biggest tech company this week, but these widely held names are unlikely to deliver big gains for investors over the next ten years.

Two other names are much more compelling picks right now, according to legendary Silicon Valley investor Roger McNamee.

"Amazon and Facebook really stand out," said Elevation Partners Co-Founder McNamee in a recent CNBC "Fast Money" interview. "They have enormous opportunities."

In its most recent quarterly report, Amazon blew away market estimates and sent it stock on a tear. McNamee sees more of the same ahead in the near future.

"In Amazon's case.... the retail side has never generated material net profits, but it is super, super clear that their online services enormously valuable and a very rapidly growing infrastructure play" that gives them an advantage, he added.