In development effort. They have webscale datacenters, a hardware supply chain, OS provisioning, networking, object storage, etc. but AFAIK they don't have multitenant IaaS or PaaS, OSS/BSS, etc.
The other thing is that they are a decade behind AWS is that stuff they don't have... and AWS has been reinvesting all it's profits in that area. That's hard to catch up on.