Pinterest (PINS) stock is currently trading at a discounted valuation compared to its historical multiples and its peer group. Despite the stock being down significantly from its 52-week high, its performance metrics, such as revenue growth and free cash flow generation, remain strong. The company's focus on AI-powered features and its strong user base are positive indicators. The stock's low forward P/E ratio, coupled with increasing investment in AI, suggests a potential buying opportunity for investors looking for growth at a reasonable price.