01:44 PM EDT, 06/20/2024 (MT Newswires) -- Oracle (ORCL) said Thursday it plans to invest over $1 billion in a third cloud region in Madrid to leverage distributed cloud capabilities and artificial intelligence across Spain.

This new cloud region will support customers across various industries, including financial services, in migrating critical workloads to Oracle Cloud Infrastructure, helping them comply with regulations like the Digital Operational Resilience Act and European Outsourcing Guidelines, the company said.

Telefonica Espana will host the planned cloud region, to assist public and private sectors in migrating workloads and leverage data, analytics, and artificial intelligence.

Oracle shares were down nearly 2% in recent trading.

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