I think is smart to own both and not short: 1. Growth on both is huge 2. Each has a pretty low PEG (geez Apple is at 0.7) 3. They both are VERY profitable - you are not betting "potential" a la betting on an FDA approval of a drug which has burned me bad more than once. 4. They likely will be symbiotic with each other (at least for the time being). 5. I think Google will ultimately beat Facebook which is probably a bigger rival than Apple - like everyone else I have a Facebook account and even though I check it regularly - the cleverness of it has worn off and the discovery of long lost friends has already happened. Google - that is an essential function multiple times daily.
I asked since several years ago, I bought GOOG at 600, rode it down and dollar-cost average buying on the way up at 340, 450, 500, and 637 on 1/19; after hours it reported earnings, went to 585. Now, back and over 637.
Hard to envision what GOOG price will be in 2-3 years with all sort of negative news hopefully will not outshine the positives.
5 years from now, tech leads the charge, 800-1000. GOOG does not believe in stock splits. GOOG will then be a 10-bagger for those that bought at the IPO, but a rough ride climbing to the moutain top.
I stay away from FDA drugs approvals, more fall faster than they rise (see DNDN for a roundtrip).