Shares of Amazon are more attractive than Facebook stock because the e-commerce giant's long-term path to growth is clearer than the social network's road to future revenue gains, Josh Spencer, portfolio manager of the T. Rowe Price Global Technology Fund, said Wednesday.
Amazon has two routes to success with its online retail business and its Amazon Web Services unit, the market leader in cloud computing services, Spencer said. But in his view, it's hard to see the next leg of growth for Facebook.
He said he's not convinced its foray into virtual reality with the Oculus Rift headset will pay off, though he acknowledged he could be wrong. Spencer also said he does not like to be viewed as betting against Facebook CEO Mark Zuckerberg.
"It's not so much taking something away from Facebook. It's just seeing opportunities elsewhere," he told CNBC's "Squawk on the Street."
To be sure, Facebook is still expanding its core business. In its latest quarterly report, it said advertising revenue surged 57 percent year over year to $5.2 billion.