Munster: Facebook is quickly catching up to Google

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Of the many social media companies set to report earnings this week, Piper Jaffray Internet analyst Gene Munster said Monday, Facebook is "one of the most unique stories."

"The reason that these stocks have done well is because they've got some open-ended opportunities and Facebook is probably one of the most unique stories in that sense," he said in an interview with CNBC's "Squawk Alley."

Munster also spoke about the war between Facebook and Google over ad dollars in general. "The sense is that Facebook is slowly grabbing attention from advertisers away from Google and video in particular," he said.

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Google does about 8 billion views a day through YouTube, which it owns. Facebook has reported that it has gone from about 1 billion to 4 billions views a day, according to Munster.

On its last earnings call, Google said that its YouTube views were at a two-year high. "So this mystery about what's going on in video between Facebook and Google thickens, but at the end of the day both of them are really well positioned for what is a secular growth theme," Munster said.

"Facebook has a powerful way of measuring the social graph on top of video, and they've really done a nice job of leaning into the news feed," he added. "There are more ad dollars that are going to shift over to Facebook."

Facebook is set to report earnings on Wednesday after the closing bell.

Disclosures: Neither the analyst nor his firm owns shares of Facebook.