US-based Oracle Corp. will invest $3bn to expand its cloud and AI infrastructure in Germany and the Netherlands over the next five years.
The company said in a statement that $2bn will be allocated for these purposes in Germany and $1bn in the Netherlands.
The investment will help Oracle meet demand from customers in both the public and private sectors who are looking to move workflows to the cloud and use AI to automate routine tasks, the statement said.
Leading US tech companies are investing billions of dollars in cloud and AI infrastructure in Europe. Breakthroughs in artificial intelligence have triggered a new wave of investment by IT giants looking to meet rising customer demand for more powerful data centres and more advanced cloud services.
Yes, Microsoft Corp. in October 2024 announced its intention to spend $4.75 billion over two years to develop cloud and AI infrastructure in Italy. Last June, Amazon.com Inc. announced a €17.8 billion investment to expand its logistics network and cloud infrastructure in Germany by the end of 2040. In addition, Amazon plans to invest €15.7bn to expand cloud services in Spain over the next decade.
Oracle shares are adding 1.7 per cent in previous trading on Tuesday. Their value has risen 37.6 per cent since the start of this year.