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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
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(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.

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