(Read more: Why Facebook stock keeps climbing)
Earlier, Mike Santoli of Yahoo Finance had said that the company remained a show-me story.
"Perception has changed more than reality with Facebook, I think," he said. "I mean, now you're hearing it being discussed as 'The Biggest Media Platform' and competing for television-style ads. It was always there, but now people are focusing on the positive."
OptionMonster's Jon Najarian characterized Facebook as the top player in the sector.
"There were a number of folks that had bet against them being able to monetize mobile in the way that they have," he said. "This is the No. 1 story in the monetization of mobile right now. I mean, they are bigger and better, and doing a better job than anybody else in the space because of how people use Facebook."
(Watch video: Why I'm buying Facebook stock: Leon Cooperman)
For Google, he added, that would be a "series of acquisitions."
Breaking above its initial public offering price of $38 would be difficult Simon Baker of Baker Avenue Asset Management said.
(Read more: Facebook's a 'small buy': Mark Mahaney)
"I think a better position here would be Google," he said. "I'd be long Google."
TheStreet CIO Stephanie Link said that liked Facebook long-term over Apple.
"I look at Apple, and I say, 'My gosh, this stock is so cheap.' It's underperformed. I kind of gravitate toward that as a contrarian investor," she said. "It's cheap with lower expectations, but I don't think it's going to break out until you see new products."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.
Trader disclosure: On July 31, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Michael Santoli is long BAC; Michael Santoli is long C; Michael Santoli is long YHOO; Simon Baker is long AAPL ; Simon Baker is long C; Simon Baker is long GS; Simon Baker is long JPM; Simon Baker is long GOOG; Simon Baker is long EBAY; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long TKR; Stephanie Link is long JOY; Stephanie Link is long AIG; Jon Najarian is long AAPL; Jon Najarian is long GS; Jon Najarian is long JPM; Jon Najarian is long XLF; Jon Najarian is long HLF; Jon Najarian is long HUN; Jon Najarian is long MAR; Jon Najarian is long TMO; Jon Najarian is long WLL; Jon Najarian is long SYMC.