Alphabet may have briefly surpassed Apple as the world's biggest tech company this week, but these widely held names are unlikely to deliver big gains for investors over the next ten years.

Two other names are much more compelling picks right now, according to legendary Silicon Valley investor Roger McNamee.

"Amazon and Facebook really stand out," said Elevation Partners Co-Founder McNamee in a recent CNBC "Fast Money" interview. "They have enormous opportunities."

In its most recent quarterly report, Amazon blew away market estimates and sent it stock on a tear. McNamee sees more of the same ahead in the near future.

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"In Amazon's case.... the retail side has never generated material net profits, but it is super, super clear that their online services business...is enormously valuable and a very rapidly growing infrastructure play" that gives them an advantage, he added.

As for Facebook, the name still dominates his portfolio, and it's his overall top technology stock pick. At nearly $120 per share, McNamee acknowledges it's "not a cheap stock," but believes the company's aggressive push into video could help drive the stock to new highs.

Facebook rolled out "Livestream" to all its members in April after months of testing. It allows users to broadcast videos live, and the company is considered one of the front runners in the technology.

"That is just beginning and it will propel the numbers for at least the next two to three years," said McNamee, who was among the first investors in the social media giant.

And, it's still holds an absolute advantage in mobile advertising growth, according to McNamee.

Both Facebook and Amazon, which are about the same size in market cap, are also grabbing big gains. They're up 53 percent and 66 percent, respectively, over the past year. The Web retailer's shares closed Friday above $710.

It's a vastly different story for Alphabet and Apple. Those two stocks are grappling with double-digit percent losses over the last 52-weeks. Alphabet and Apple are transitioning into value plays, according to McNamee.

"The thing to understand is that we just come off the mother of all product cycles related to smartphones," he said. "It was the biggest product cycle in the history of tech by a mile. And, it made Apple the largest market cap out there," added McNamee, who holds a position in the stock.

The smartphone product cycle may be over, but he finds the Facebook growth story to be so strong that he decided to keep his stake large—even as he went to mostly cash earlier this year as protection from market headwinds.

In addition to the growth differential, an important allocation factor could drive his two picks higher.

"The fundamental momentum at Facebook and at Amazon helps those stocks, because if you're a growth stock investor you have to put the money somewhere," McNamee argued.