The expected 2017 IPO of Snapchat parent company Snap could take investors away from Facebook, (FB) - Get ReportRecode managing editor Edmund Lee said on CNBC's "Squawk Box" on Friday morning.

"Snap is a definite sort of factor for a potential Facebook investor, or if you're already in Facebook you may sort of want to move out or diversify and add more in terms of what Snap might offer to you," he explained.

Snap has a strong millennial audience that continues to grow, whereas Facebook is having to "wrangle back" its millennial audience, Lee noted. "So that's an opportunity for an investor."

For startups like Snap, growth is coming from millennials, whereas older companies like Facebook are sort of "tapped out" in the U.S. and have to rely on growth from overseas. This is noteworthy because investors know that expanding overseas is harder to do.

With the big tech companies becoming more dependent on overseas growth, President-elect Donald Trump's trade policies will become important, Lee pointed out. His trade stance is in question, but his push for lower taxes, regulation reform and a repatriation holiday will all help the big tech companies.

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