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No, an arcanist is definitely not stronger than a wizard.
The wizard gets a substantial amount of spells of the next highest level for 40% of levels. Another 50% of levels, they share the same highest spell level...but the wizard is strictly better at spellcasting in the sense that all the wizard has to do to equal the arcanist is to memorize the same spell N times. That's because the arcanist can only memorize 1 spell of his highest spell level 1-18.
Also, if the wizard is a specialist and has the bonded item feature as well as competitive INT, the wizard typically can cast 4 spells at the highest spell level the level he receives it.
All the hype about the arcanist is hype. All the arcanist has is an extra bag of miscellaneous tricks. He won't keep up with a well-designed wizard.