Palantir stock closed slightly up on Thursday, after declining for six straight sessions. Palantir's pullback raised questions over whether the AI stock boom is winding down.

While Palantir might be Wall Street's AI sweet heart, these three stocks offer investors plenty of upside at better multiples.

Palantir Technologies Inc. (NYSE:PLTR) deepened its partnership with Fujitsu Ltd. (OTC:FJTSY) through a new licensing deal signed Aug. 5, 2025, granting Fujitsu the rights to offer the Palantir Artificial Intelligence Platform (AIP) in Japan.

The 2025 stock market saw Palantir, at its peak, up more than 150% and leading the S&P 500. Major hyperscaler Oracle ORCL ran up 57%, while Nvidia stock's gain topped just short of 57%. Microsoft stock peaked in July with a 32% gain.

One argument for why Figma could be more likely to be a millionaire-maker than Palantir is that it's much smaller. Figma's market cap of around $40 billion is only a fraction of Palantir's market cap of roughly $440 billion. Generally speaking, smaller companies have more room to grow than larger companies do.

AI software firm Palantir saw strong quarterly revenue, but its price-to-earnings ratio could be a warning sign for investors.

Tech workers are also increasingly determined to hold their workplaces accountable for enabling the genocide in Gaza.