Artificial intelligence (AI) stock Palantir is absolutely crushing it right now. Year to date, it’s up about 150%. Looking ahead, the stock could continue to rise as the company’s generating unbelievable growth. However, right now, Wall Street analysts see more potential in these other two AI stocks over the medium term.

An AI platform for enterprises

Software company ServiceNow (NYSE: NOW) looks set to be a key player in the AI revolution. That’s because it offers a platform designed to help enterprises deploy AI across a range of business areas including IT, human resources, customer relationship management, and risk and security.

Today, this platform is used by 85% of the Fortune 500. So the company’s in a really strong position to offer innovative solutions such as AI agents (which it has already introduced).

Now, this stock currently trades for $853. However, the average analyst price target is $1,146. That translates to potential gains of 34%.

Going back to Palantir, the average price target there is 17% below the current share price.

Thanks to high demand for its AI tools, ServiceNow is currently having a lot of success. In July, for example, it reported Q2 revenue growth of 22.5% and raised its annual revenue guidance.

However, the stock isn’t a Buy for me right now. In my view, it’s just a little bit expensive at its current price-to-earnings (P/E) ratio of 51. That multiple doesn’t leave any room for a mis-step, to my mind. For example, a slowdown in revenue growth could lead to a downward valuation re-rating.

I’m keen to own this stock in the future though. I’m hoping the valuation comes down in the next market pullback and I can snap up the stock at a more favourable price.

Rolling out AI agents

Another software company that looks set to be a major player in the AI boom is Salesforce (NYSE: CRM). Like ServiceNow, it’s recently been rolling out agentic AI solutions (Agentforce), designed to help businesses increase productivity.

I think it’s well positioned to have success here. That’s because its software is used by 150,000 businesses worldwide meaning that it already has relationships with firms and doesn’t need to start the sales process from scratch.

This stock currently trades for $232. However, the average analyst price target is $354. That’s a whopping 53% higher than the current share price. So clearly analysts see a lot of potential here.

I reckon there’s potential too. As a result, I’ve been buying the stock for my portfolio.

Currently, the forward-looking P/E ratio here is only 21. I see a lot of value at that earnings multiple.

I will point out that analysts at Melius Research have warned that AI could hurt software businesses because automation will reduce the number of ‘seats’ they can charge companies for. This is a risk to think about.

I like the risk-reward proposition at current levels however. In my view, this tech stock’s worth considering today.