Tech giant Google (GOOG +0.02%) let Amazon.com (AMZN +0.01%) gain an early lead in booming multibillion-dollar market for cloud computing services.

However, all that might be about to change with a recent announcement from Google. Amazon and Google shareholders should take notice.

Head in the clouds

Last year, Google rolled out its most serious attempt yet to challenge Amazon's budding cloud-services empire when it unveiled its Google Compute Engine to, well, pretty much yawns.

Although it's always tough to count out a company with the kind of technical chops Google wields, Google's compute engine is in many senses still waiting for takeoff. All the while, Amazon is believed to have meaningfully increased the gap between itself and Google.

However, Google recently signaled in a recent blog post that it intends to take the training wheels off its Compute Engine. According to Google, Compute Engine will be moving out of the tech purgatory that is "beta," as well as receiving several other minor tweaks.

In the following video, Fool tech and telecom analyst Andrew Tonner looks at Google's most recent challenge to Amazon and what it means for investors in this booming space.