But for investors, Apple may stand in a better position, particularly after a 68 percent climb for Amazon this year, said trader Brian Kelly. He noted that Apple's roughly $200 billion cash pile sets it apart.
Read MoreIs the thrill gone for Apple investors?
While Apple's product event this week was not "particularly interesting," it still looks more appealing than Amazon, said trader Dan Nathan.
Trader Steve Grasso noted that, while he owns Apple, Amazon has recently shown its ability to "turn the switch" to boost profitability when necessary. Amazon is "not that easy to replicate," which makes it a clear pick, trader Guy Adami contended.
Dan is long QQQ Oct put spread, XBI sept put spread, TWTR, PG.
Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, WYNN, AMZN His kids own EFA, EFG, EWJ, IJR, SPY.
Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Yen, Yuan, US Treasuries.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.