Selective quoting. The very next sentence says:

The rights you grant in this license are for the limited purpose of operating, promoting, and improving our Services, and to develop new ones.

Furthermore: You retain ownership of any intellectual property rights that you hold in that content. In short, what belongs to you stays yours.

The Verge compared privacy policies and concluded that they are not actually much different: http://www.theverge.com/2012/4/25/2973849/google-drive-terms...