Figurines with computers and smartphones are seen in front of Oracle logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration
(Reuters) -Oracle will invest $3 billion over the next five years in artificial intelligence and cloud infrastructure in Germany and the Netherlands to meet upbeat demand, the company said in separate statements on Tuesday.
The cloud service provider plans to allocate $2 billion to Germany and $1 billion to the Netherlands.
Major technology firms have poured tens of billions of dollars into developing AI infrastructure following the success of OpenAI's ChatGPT.
Oracle, whose cloud offerings support companies in building AI infrastructure, has seen its shares surge about 38% so far this year.
In June, the company raised its annual revenue forecast, driven by strong demand for its AI-related cloud services.
Oracle is also part of a joint venture called Stargate, aimed at delivering large-scale computing capabilities to OpenAI.
(Reporting by Bipasha Dey and Dheeraj Kumar in Bengaluru; Editing by Janane Venkatraman and Sherry Jacob-Phillips)
