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Apple or Amazon: Which giant is a better buy?

Investors cheered Amazon.com, but sentiment cooled on Apple after the giants reported quarterly earnings this week. For one investor, Amazon distinguished itself from Apple with one crucial segment: cloud computing.

"We see it for the juggernaut that it is, and it really is creating a lot of value," said Josh Spencer, a technology portfolio manger at T. Rowe Price, in a CNBC "Closing Bell" interview on Friday.

Amazon shares traded more than 10 percent higher ahead of the close Friday after the online retailer blew past earnings and revenue estimates the previous day. Amazon Web Services, the company's cloud business, saw quarterly sales rise 81 percent to $1.82 billion, while operating income in the business quadrupled.

"I think the cloud computing business is already showing us fantastic profitability," Spencer said.

Read MoreAmazon sales rise 20%, easily top most optimistic estimates

Still, AWS made up only about 8 percent of Amazon's revenue.

Spencer added, though, that Apple still has tremendous upside. The tech giant's shares have barely climbed since Wednesday morning following its earnings after the bell on Tuesday.

Apple disappointed investors by only slightly beating earnings estimates but still posted $49.6 billion in revenue. Spencer called the number "extremely impressive."

Read MoreApple shares fall after earnings: $1.85 per share, vs expected EPS of $1.81

He added that the stock has been stuck around $125 per share and looks increasingly appealing at those levels.