"If [investors] had an opportunity to invest in Amazon right now at a third of its current price, $600 or $700 per share, would they be willing to do it? I bet you most investors would say yes. That is exactly what you have with BABA," Tepper told CNBC's "Trading Nation " on Thursday.
Amazon traded above $2,000 and briefly hit a $1 trillion market cap earlier this month, though it has since pulled back to around $1,975. Alibaba trades at a fraction of the price. It sat just above $165 a share on Friday with a market cap of nearly $430 billion.
"When you look at BABA, they're growing faster than Amazon, and they're priced at one-third the multiple," added Tepper. "BABA right now is an unbelievable long-term buying opportunity."
The Chinese e-commerce company is expected to report a 46 percent increase for the full year. Amazon is also seeing double-digit growth, though at a slower 32 percent pace for the year. Alibaba is also comparatively cheaper, trading at 25 times forward earnings compared to Amazon's 85 times multiple.
Matt Maley, equity strategist at Miller Tabak, sees a larger bounce coming for Alibaba and its Chinese tech peers following months of pressure from trade talks between the U.S. and China.
"These stocks, a lot of them are very oversold," Maley said on "Trading Nation" Thursday. "They've been going down for many months now."
The KraneShares China Internet ETF, which counts Tencent, Alibaba and Baidu among its largest holdings, is in a bear market, having dropped 29 percent from its 52-week high set in January. Its relative strength index, a measure of momentum, traded at 27 at the beginning of the week. Any reading below 30 typically suggests oversold conditions.
"These oversold and over-shorted stocks are going to see a nice bounce, so it could fuel a pretty surprising rally here, especially if we get any kind of positive news out on the trade war, tariff front," added Maley.