Oracle unveiled that it will invest more than $1 billion in cloud computing and artificial intelligence over the course of the next ten years in an effort to meet the rising demand for its services in Spain.
In an effort to keep up with the growing demand for its services in Spain, Oracle (ORCL.N), which opened a new tab on Thursday, said that it will invest more than $1 billion in cloud computing and artificial intelligence over the course of the next ten years.
The investment will be used to establish a new cloud region that will facilitate the migration of workloads from customers’ data centers to Oracle Cloud Infrastructure. It will also assist customers in complying with regulations such as the European Outsourcing Guidelines and the Digital Operational Resilience Act (DORA) of the European Union.
Oracle will work with Telefonica España on this initiative, which will be its third cloud region in Madrid. In 2022, the first cloud region opened for business.
Albert Triola, country head of Oracle Spain, stated, “We are reaffirming our commitment to helping Spanish organizations of all sizes and industries” and accelerating the adoption of cloud technology to improve company performance.
The investment, according to José Luis Escrivá, Spain’s minister for digital transformation and public administration, “will help Spanish enterprises and public sector organizations innovate with AI and continue advancing on the path of digital transformation.”
Oracle last week predicted double-digit growth in fiscal 2025 revenue, exceeding analyst projections, demonstrating a high demand for its cloud services driven by artificial intelligence.
Additionally, the firm announced collaborations with OpenAI, the startup that makes ChatGPT, and Google Cloud (GOOGL.O), opening a new tab to expand its cloud infrastructure to clients.
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