The AI industry, beyond semiconductor stocks like Nvidia, offers attractive investment opportunities, according to professional investor Cathie Wood. Wood believes software companies will generate substantial revenue in relation to chip spending. Two potential stocks to consider are C3. ai and Lemonade. C3. ai, founded in 2009, provides a range of AI applications that businesses can customize to suit their needs. Companies like Dow and Georgia Pacific have experienced positive results using C3. ai's applications, including increased equipment efficiency and reduced downtime. C3. ai sells its applications directly to businesses and also through partnerships with major cloud platforms like Microsoft Azure and Amazon Web Services. The company reported a 70% increase in customer engagements in the recent fiscal quarter, and its revenue growth is expected to accelerate.

C3. ai's current share price is at an 82% discount from its previous peak, making it an attractive investment option. Lemonade, founded in 2015, aims to disrupt the insurance industry using AI. The company utilizes AI technology across its entire business, from writing quotes and processing claims to identifying areas of improvement. Lemonade's AI chatbot, Maya, can provide quotes in under 90 seconds, while its AI bot, Jim, can process claims in under three minutes. The company has successfully attracted over 2 million customers, particularly in the underinsured 19 to 34 age group. Lemonade's AI models help calculate premiums accurately and reduce costs, resulting in a high record of in-force premiums and decreased loss ratio. Although the company is currently generating losses, it expects to reach cash-flow positivity by the end of the year. Lemonade's stock is currently trading at an 89% discount from its peak, presenting a favorable buying opportunity. Overall, both C3. ai and Lemonade offer potential long-term growth and investment opportunities within the expanding AI industry.