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Amazon vs Alphabet: Which could hit $1,000 first?

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After Amazon and Alphabet saw massive gains off earnings, some traders say the companies' stocks could soon reach quadruple digits. Which one will hit $1,000 first?

Stacey Gilbert, head of derivative strategy at Susquehanna, said Alphabet, Google's parent, could be the first to break that level, given that it's closer in current price and the company has been adamant about not splitting its stock price.

Alphabet rose more than 5 percent on Friday to $719. Amazon rose more than 6 percent to $599.

However, Gilbert said the options market is showing similar probability for both companies to reach $1,000.

"At the end of the day, if you assume that Amazon won't split its stock price before, it's pretty much a coin toss," Gilbert said Friday on CNBC's "Power Lunch."

Rich Ross of Evercore ISI said Alphabet's long-term chart shows a key breakout that should lead the stock much higher.

Ross sees Alphabet reaching $850 in the shorter term, and eventually hitting $950, which would be a 32 percent increase from Friday's closing price.

"What we see here is a classic stair-step pattern," Ross said. "We see a very strong trend channel followed by a period of sideways consolidation, followed by another trend channel and even more consolidation."

Since Alphabet's stock jumped on earnings, Ross said the spike "sets us up for another well-defined trend channel higher."

Currently the only S&P 500 stock that has a share price above $1,000 is Priceline, which closed on Friday at $1,366.

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