People are talking about artificial intelligence (AI) these days. According to data from Google, search interest for AI is at an all-time high. From social media to advertising at major events, promoters are hyping the benefits of AI for both businesses and everyday users.

Given the hype, many stocks exposed to the growth of AI have seen share prices soar. One stock, however, remains a bargain. That's because many investors haven't realized how much the company stands to benefit from the rise of the technology.

Not your average AI stock

Few investors today are citing Fiverr (FVRR 2.47%) as an AI stock. On the surface, the company is a freelancer platform, matching creators with businesses and consumers who need work done. In this regard, the business has done quite well. Revenue has consistently grown since the company's initial public offering (IPO) in 2019, while the company flipped from burning cash to generating positive free cash flow.

FVRR Revenue (TTM) Chart

FVRR Revenue (TTM) data by YCharts

Under the hood, Fiverr appears to have created a true platform. That is, the company created the foundation for outsiders to build on top of it. This type of business model can be very lucrative.

Consider Meta Platforms. The company owns a variety of valuable tech platforms like Facebook and Instagram, but the magic is that the users themselves create most of the value. In this way, Meta has hundreds of millions of people contributing free content to its products. As a platform business, Meta can scale larger and faster than a business that relies solely on its own workforce.

Fiverr's workforce platform operates in the same way. While the company itself only has 739 employees, it has millions of buyers and sellers actively using its platform. Need a website designed, a video game developed, or the skills of a voiceover actor? You can do it all with Fiverr.

Many experts today are talking about how AI can replace workers for many creative and administrative tasks. But what goes underappreciated is how AI will augment workers' current skills. This is where Fiverr is poised to benefit.

In a very direct way, Fiverr stands to benefit from the rise of AI because it can enable AI technologies for parties that otherwise might not use them. Its platform, for example, has hundreds of AI developers who can build custom solutions for businesses and consumers. Anyone can use Fiverr's platform to build new ChatGPT applications, design deep-learning models, or simply make their business more efficient.

Fiverr also stands to benefit since it has incorporated AI directly into its services. Platforms in general must have strong algorithms that can match users with their desired content. Meta, for example, must deliver relevant content to its users. Otherwise, users would leave the platform. In Fiverr's case, it must match buyers with sellers effectively. The better it does this, the stronger its platform becomes.

In August, Fiverr introduced its neural network-powered Fiverr Neo, a virtual assistant that can work directly with buyers and sellers to match them quickly and accurately with a counterparty. Instead of browsing through pages and pages of profiles, Fiverr users can now simply enter a few prompts, with AI doing the heavy lifting of finding a match.

Fiverr shares are a bargain

Fiverr is directly exposed to the rise of AI through its ability to meet rising demand for AI development and through its matching algorithm, which should only grow stronger over time. Why, then, is the stock trading at such a bargain valuation?

On a price-to-sales basis, shares trade at their lowest levels in years. In fact, the share price is nearly the same as it was in 2019, the year Fiverr went public. What's going on?

FVRR PS Ratio Chart

FVRR PS Ratio data by YCharts

Fiverr's current predicament isn't due to a shrinking business. As mentioned, revenue continues to grow quarter after quarter. The issue is that the market overestimated past growth rates.

During the pandemic, when businesses were rapidly shifting to remote work, Fiverr saw a huge influx in business, at times doubling its revenue over a single year. The market quickly bid up the share price, valuing the stock at an astounding 56 times sales.

Once sales growth began to slow, however, this pricey valuation crashed. The growth during the pandemic years was simply not a permanent trend for Fiverr.

After several years of declining growth rates, however, the trend is finally reversing. Last quarter, revenue grew by more than 12% year over year. Fiverr, meanwhile, continues to produce positive free cash flow, allowing it to invest heavily in research and development to fuel future growth. Last quarter, around 25% of its revenue was reallocated to research and development.

Fiverr isn't your classic AI stock, but it has several ways to benefit from the rapid adoption of AI technologies. At a bargain price, it's a worthy consideration for any growth investor.