NEW YORK (TheStreet) -- Shares of Facebook (FB) are gaining 0.42% to $80.55 after the tech giant today said that it is creating an artificial intelligence research lab in Paris and building another data center in Iowa.
"We chose Paris for this expansion because France is home to some of the best researchers in the world," the company said. "We believe this open model ultimately spurs more innovation, encourages collaboration and mutual review, and helps us all move faster."
Since 2013, the company has been investing heavily in the once-niche field of artificial intelligence, The Wall Street Journal reported. Currently, Facebook Artificial Intelligence Research, or FAIR, has teams in California and New York.
Additionally, Facebook said that it will build its third data center in Altoona, Iowa. Two of its data centers, designed to store computer servers, are located in the same complex where the third one will be built, AP reported.
TheStreet Ratings team rates FACEBOOK INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."