I guess they successfully negotiated a legal limit on the speed of light, eh? AM and FM propagate at the same speed (the speed of light), but the AM wavelengths are reflected by the ionosphere. That’s why you can hear some AM stations from Mexico to Canada—the signal is being bounced back towards Earth by the upper atmosphere.
We're talking two different speeds. It's not a physical speed that differentiates AM and FM, but cycle speed. It's the metric system, 1 Kilohertz (AM wavelength) = 1000 hertz. 1 Megahertz (FM wavelength) = 1000000 hertz.
The faster the cycle, the more data streamed, the clearer the signal, the better the sound... but the shorter the range. Even the most powerful FMs are limited by line of sight due to the curvature of the earth and height of the tower.
The slower the cycle, less data, less fidelity, but the slower signal is able to bounce along between the earth and ionisphere for thousands of miles.
Same principle as ham radio. Slower signals go farther, but are more susceptible to interference. It's also why G. Gordon Liddy always hazed out on Hot Talk 1330 when we plowed near power lines.