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Stick with Apple, Facebook for now: Pro

There are compelling reasons to believe that shares of Apple and Facebook are heading higher, Ryan Jacob of the Jacob Internet Fund said Thursday.

"Generally speaking, Apple is trading at such a compelling valuation here, and the fact that we're in this kind of an air pocket in terms of new products, we find it pretty hard to believe that in 2014 we won't see rising revenue growth and also earnings growth from Apple," he said.

On CNBC's "Fast Money," Jacob said that he could understand why billionaire investor Carl Icahn would take a position in the company.

"So, when you overlay that with the current valuation, I'm not surprised Carl's interested in Apple," he said. "It's a pretty compelling valuation here."

(Read more: 'I'd rather hold my nose' and buy Apple)

The top holdings in the fund are Apple, Google, Facebook, Yahoo and Sina.

Facebook, he noted, wasn't an instant "buy."

"We made a bit of a call not getting involved with it at the IPO and waited, waited," he said.

(Read more: 'I'm incredibly bullish' on tech: Joe Terranova)

But now, Jacob said, Facebook could see revenue gains on its mobile monetization, video advertising and Instagram.

"We think it probably has one of the biggest runways right now," he added.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Torrey Kleinman contributed research to this report.

Trader disclosure: On Aug. 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long FCX; Steve Grasso is funds long F; Steve Grasso is funds long MU; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Brian Kelly is long US dollar; Brian Kelly is short Yen Bonds; Paul Hickey is long AAPL; Paul Hickey is long BAC; Paul Hickey is long GNRC; Paul Hickey is long INTC; Paul Hickey is long CSCO; Paul Hickey is long FB; Paul Hickey is long GOOG; Paul Hickey is long NFLX; Paul Hickey is short CAT; Paul Hickey is short IBM; Paul Hickey is short BRK/b; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS.

Symbol
Price
 
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%Change
AAPL
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FB
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GOOGL
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YHOO
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SINA
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