They've announced their new nearline storage offering with a staggering 3 second restore time (rather than AWS's Glacier at hours restore time), Google nearline cloud storage is also based on flash and disk rather than AWS's blu-ray.
To launch the product Google are giving customer a free 100 petabytes of storage for 6 months !
as the Reg article says, it's not AWS that will be worried, but the tape vendors, soon there will be no reason to use tapes for backup as nearline storage will be cheaper and simpler...
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