Palantir (NASDAQ: PLTR) has become one of the hottest stocks on Wall Street. Its stock has shot up over 300% in 2024, making it one of the best-performing stocks in the market. As a result, many investors are wondering if this is the best AI stock to buy right now. However, I think there's a much more promising AI company out there, and it has far better growth than Palantir.

SoundHound AI (NASDAQ: SOUN) is another stock often touted as a potential AI millionaire maker. But could it outperform Palantir? Let's take a look.

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SoundHound AI has a far greater chance of making you a millionaire by itself

For either of these two stocks to make you a millionaire by itself would require significant growth (although SoundHound would be more feasible). Let's start with an initial investment of $10,000. That would require each stock to rise by 100 times in value. If Palantir did that, it would be worth $15.9 trillion. For reference, the largest company in the world right now is Apple, which is valued at $3.67 trillion. SoundHound AI doesn't have as ridiculous of a path to becoming a millionaire maker, as it would need to be worth $375 billion to turn $10,000 into $1 million.

So, a better way to look at these two investments is that they will grow faster than the broader market, accelerating your path to becoming a millionaire.

But which one will do it better?

Both Palantir and SoundHound AI are deeply involved in the AI game. Palantir builds application-specific programs for each business to deploy AI so that decision-makers can be armed with the most up-to-date information possible. It's also working to integrate generative AI into workflows, so AI isn't a product that's used on the side.

SoundHound is centered around a different part of AI. Its software takes audio inputs and plugs them into AI models, allowing sectors like the automotive, restaurant, or financial services industries to automate tasks that humans traditionally do. As SoundHound is a much smaller company than Palantir, it's relatively early on its journey of implementing its software. However, it diversified its business significantly, and no single client makes up more than 12% of revenue, and its largest sector makes up 25%.

SoundHound also has a key advantage over Palantir: It's growing much faster. In Q3, SoundHound's revenue grew 89% year over year to $25.1 million. It expects massive growth in 2025, with revenue expected to double from 2024's figure. Palantir is also doing well, but not nearly that well.