Artificial intelligence (AI) stocks have been driving the S&P 500 and Nasdaq Composite to new heights, with companies benefiting from the high demand for AI services. Two standout stocks in this flourishing industry are C3.ai and Meta Platforms, which hold significant potential for wealth-building returns.

C3.ai, a leading AI enterprise software developer, has established itself as a trusted partner for major organizations, including the U.S. Air Force and Shell. The company's advanced software is used by the Air Force to predict operational failures and determine required spare parts, while Shell relies on C3's technology to monitor and maintain thousands of equipment pieces.

Despite not keeping up with the broader market this year, C3.ai's partnerships with industry giants like Amazon Web Services and Google Cloud position the company for significant growth. These collaborations not only drive C3.ai's expansion but also facilitate smoother customer acquisition processes.

To further enhance customer affordability, C3.ai recently switched to a consumption-based pricing model, aligning with cloud service providers' standards. Although this move initially slowed revenue growth, management's guidance predicts a promising full-year revenue increase between 19% and 27%, making it a catalyst for stock growth.

The company's transition to a consumption-based model has evidently attracted significant interest, as C3.ai reported nearly 50,000 inquiries from businesses seeking its generative AI applications. With the recent acceleration in growth, the stock's price-to-sales ratio has dropped from 16 to a more reasonable 12, potentially attracting additional investors and pushing the stock to new highs in the coming months.

Another AI stock with strong growth potential is Meta Platforms, known for its social media platforms like Instagram, Facebook, WhatsApp, and Messenger. Meta Platforms' integration of AI technology across its platforms has driven higher user engagement and increased digital advertising revenue.

Meta AI, implemented on these platforms, has significantly contributed to the company's revenue growth. The company's first-quarter results revealed a 27% year-over-year revenue increase, with AI-driven recommendation systems and advertising tools playing a vital role.

Though concerns about competition from apps like TikTok have lingered, Meta Platforms' AI infrastructure has become a competitive advantage. With over half of the content recommended on Instagram being AI-driven, short-form videos on Instagram's Reels have become a major engagement driver.

Meta Platforms possesses substantial cash reserves to continue investing in AI, as it generated $49 billion in trailing-12-month free cash flow. Analysts anticipate an 18% annualized growth in earnings per share in the coming years, supported by a market-average forward price-to-earnings ratio of 25.

Both C3.ai and Meta Platforms hold strong growth prospects in the AI industry. C3.ai's strategic partnerships and transition to a consumption-based pricing model indicate significant potential for revenue growth. Meanwhile, Meta Platforms' integration of AI across its popular social media platforms positions it for continued success in the digital advertising market.

Investors seeking exposure to the booming AI market should keep an eye on these two stocks as they could be poised for a bull run in the coming years.