Alphabet posted earnings of $7.35 per share on revenue of $18.68 billion, beating analysts' expectations on both metrics. The company also announced it had authorized a share repurchase.
Read MoreGoogle parent Alphabet tops earnings estimates
Traders Guy Adami and Steve Grasso both said the stock should continue higher from here. In after-hours trading, the Class A stock hit about $742 per share.
Investors could shed some of their position when it reaches $750 per share, trader Brian Kelly said.
E-commerce giant Amazon posted its second-straight quarterly profit, boosted by strong North American sales and cloud computing growth. It easily beat analysts' estimates, reporting earnings of 17 cents per share, while the Street had expected a loss of 13 cents.
"This was a ridiculously good quarter," said trader Guy Adami.
Read MoreAmazon shares spike 10% on huge earnings beat
However, he said, shareholders may want to sell some of their stake.
Dan is long AMAT Jan call spread, PYPL Oct call calendar, BA Oct put spread, INTC Dec put spread, XLF Dec put spread, IWM Dec put spread, XLI Dec put spread, TWTR
Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long IBM, AMZN kids own EFA, EFG, EWJ, IJR, SPY
Brian Kelly is long BBRY, GLD, Bitcoin, Silver, TLT, US Dollar; he is short Yuan, British Pound, Euro, Yen, EEM, EWC, EWU, EWG, SPY
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.