The Register recently broke the news that EMC will be rolling out a compute cloud that will be competing with Amazon's EC2 compute cloud service. I suppose this is to be expected after EMC rolled out its own storage cloud service, Atmos.
It should be noted that EMC bought then spun off virtual computing company, VMWare. That turned out to be a great decision on their part. So it's no surprise that they came out with cloud storage and computing solutions. I'm definitely watching this with great interest.