Apple, Amazon attractive after upgrades: McNamee

Good news came the way of Apple and Amazon on Tuesday when the companies were upgraded by Credit Suisse and Citigroup, respectively. Noted investor Roger McNamee told CNBC's "Squawk Alley" that Apple is a company with "really fantastic fundamentals."

Apple amazingly cheap

McNamee, a managing director and co-founder of venture capital firm Elevation Partners, added that each new feature, whether it is the Apple Watch or Apple Pay, only makes the overall company ecosystem more valuable.

"To me it's an amazingly cheap stock with nearly a 2 percent yield in a market where yields are really hard to come by," he said. "If you're gonna own stock here, I think Apple in the tech space is the one to own."

Amazon's content play

He also spoke about Amazon's announcement that Woody Allen will direct and write his first television series, which will air exclusively on Amazon Prime. The e-commerce company's first attempts at original content were not so successful, McNamee said, but this new endeavor is great news.

Read More Amazon Studios signs Woody Allen to create his first TV series

"The key question is, can they do it again and the fact that they did it, one time, is in my opinion magnificent."

Oil is a dividend for US economy

McNamee also called low gas prices a "dividend for the economy" that will continue to be bright for the stock market through the next few months.

"I do believe that when you get this kind of positive to the economy it has to translate into equity prices," he said. "If you're looking for return I think this oil dividend suggests that you're going to be able to make money in the stock market for at least a few months and maybe a lot of money because it is a gigantic dividend for the economy."