🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Oracle to invest over $1 billion on AI, cloud computing in Spain

Published 06/20/2024, 01:07 PM
Updated 06/20/2024, 01:10 PM
© Reuters. FILE PHOTO: Figurines with computers and smartphones are seen in front of Oracle logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Oracle (NYSE:ORCL) on Thursday said it will invest more than $1 billion over the next 10 years in artificial intelligence and cloud computing in Spain, as it looks to meet increasing demand for its services in the country.

The investment will be used to set up a new cloud region that will allow customers to move workloads from their data centers to Oracle Cloud Infrastructure, while also helping them address regulations like the European Union's Digital Operational Resilience Act (DORA) and the European Outsourcing Guidelines.

This will be Oracle's third cloud region in Madrid and the company will partner with Telefonica (NYSE:TEF) España for the project. The first cloud region was opened in 2022.

"We are reaffirming our commitment to helping Spanish organizations of all sizes and industries" and accelerate the adoption of cloud technologies to boost business performance, said Albert Triola, country leader, Oracle Spain.

"The investment...will help Spanish enterprises and public sector organizations innovate with AI and continue advancing on the path of digital transformation," said José Luis Escrivá, Spain's minister for digital transformation and public administration.

© Reuters. FILE PHOTO: Figurines with computers and smartphones are seen in front of Oracle logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Oracle last week forecast fiscal 2025 revenue to grow in double digits, above analysts' estimates, indicating strong demand for its AI-powered cloud services.

The company also announced partnerships with ChatGPT-maker OpenAI and Google (NASDAQ:GOOGL) Cloud to extend its cloud infrastructure to customers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.