As big as Amazon looks at any given time, it is always bigger than anyone outside the company can see. A new CEO won't change that, Axios' Ashley Gold, Kyle Daly, Sara Fischer and I report.

Between the lines: In choosing top lieutenant Andy Jassy as his successor but staying on as executive chairman, Jeff Bezos is guaranteeing that the culture he built, powered by ambitions that exceed the public's imagination, will live on.

The big picture: When people thought Amazon was building earth's biggest bookstore, it was actually building the everything store.

• When people thought it was focused on that, it was expanding to web services and then advertising.
• When people thought it was laser-focused on all things online, Amazon moved into physical retail, buying Whole Foods and launching the cashier-less Amazon Go convenience stores.

Between the lines: In Jassy, who runs Amazon's AWS cloud services unit, Bezos is picking a man who helped give Amazon a key profit engine to fuel its outsized ambitions. Web services boast profit margins that significantly outstrip retail's. (More on Jassy below.)

• Bezos stepping down is a major milestone, but former executives say it doesn't indicate a major change in direction or in Amazon's culture of endless hunger.
• "I doubt that the audaciousness will slow down at all," Charlie Kindel, a longtime Amazon executive who left the company in 2018, told Axios.

Be smart: Remaining executive chairman means things will still be run to Bezos' liking and he can weigh in as much as he feels he needs to.

• Amazon CFO Brian Olsavsky said on an earnings call Tuesday that Bezos will remain involved in many "large, one-way door" issues such as acquisitions and planning new lines of business.

The intrigue: Stepping back from Amazon's day-to-day operations will free Bezos up to focus more of his time on aspirations beyond the company. Those, too, are usually bigger than what is visible to the outside world.

• Blue Origin, Bezos' space venture, could particularly benefit from more of Bezos' drive and ambition.
• Some say Blue Origin lacks the drive and culture of ruthless execution that Bezos has imbued throughout Amazon.

Amazon's culture runs deep. Executives tend to either gain some experience and move on to places with more lavish perks or better work-life balance, or they buy into the Amazon approach and stay forever.

• There are few better examples of the latter category than Jassy, who joined Amazon in 1997.

Yes, but: Many have awakened to Amazon's size and power. Pressure from policymakers, and from within the company's own ranks, won't go away with a change in management.

• Just Tuesday, the Federal Trade Commission fined Amazon $62 million for allegedly stiffing delivery drivers. The FTC is also said to be working with states to investigate the company over antitrust concerns.
• Activist employees, meanwhile, are increasingly looking to unionize, pressure the company on business and environmental issues, or both.

What's next: Jassy will officially take the reins in the third quarter.

Amazon's next CEO is hardly a household name, but Jassy has built Amazon Web Services into a $50 billion-a-year business.

The big picture: He's seen by colleagues, former colleagues and rivals as someone who combines an unassuming presence with a keen analytical mind and fierce competitive streak.

Catch up quick: While best known for his work at AWS, the 53-year-old Jassy has been at Amazon since graduating Harvard Business School in 1997.

• He led Amazon's expansion beyond books and into the music business back when that meant shipping CDs rather than streaming music or selling MP3s.
• He also served as Bezos' technical assistant, a role that saw him shadow the Amazon founder.

Between the lines: Like the man he replaces, Jassy is known for his ability to see around corners and spot the holes in a presentation. If you are leading a meeting, you can expect Jassy to ask the one question you were hoping no one would ask.

• Also, like Bezos, Jassy is known for being willing to change his mind if presented with a good justification.
• Jassy is known for being more focused on rivals than Bezos, which makes sense for a man who has spent the last decade with Microsoft and Google looming over his shoulder.
• Despite leading one of most technical parts of Amazon, Jassy is himself not a engineer but has managed to earn the respect of the unit's technical staff.

Outside of work, Jassy has a wide range of interests including passions for music, film and sports.

• He's a regular at Sundance as well as a diehard New York Giants fan and part owner of the new Seattle Kraken NHL team.

Go deeper: Bezos' likely Amazon successor is an executive made in Bezos' image (Washington Post)

Google has been spending heavily to win business away from AWS, as evidenced by both companies' latest quarterly results, which were announced Tuesday.

The big picture: Google may be the leader in search, but when it comes to cloud services, it is still chasing after Amazon and Microsoft's Azure.

Between the lines: Google's revenue continues to grow, but so do its losses. Meanwhile, AWS continues to grow both the top and bottom line.

Consider this: It took 10 years for AWS to reach a $10 billion annual revenue run rate, a mark it reached in the first quarter of 2016.

• Less than two years later, in the fourth quarter of 2017, AWS hit a $20 billion run rate.
• It notched a $30 billion run rate just over a year after that, in Q1 2019, and then got to $40 billion by Q1 2020.
• Now, per last night's fourth-quarter earnings report, it's already at a $50 billion run rate. And AWS' Q4 revenue wasn't far from the $13 billion that Google Cloud took in for all of 2020.

Yes, but: AWS' latest quarter did come in slightly below analysts' expectations for both revenue and profits.

Bracelets, rings, key fobs and watches that double as credit or debit cards are enjoying a burst of popularity as COVID-wary consumers gravitate toward contactless payments, Axios' Jennifer Kingson reports.

Where it stands: While people have grown accustomed to waving their phones — or Apple Watches or Fitbits — in front of payment terminals, the next generation of wearables will likely be cheaper and/or more fashionable.

Driving the news: Several recent product launches point toward a future where payment features are built in to clothing and jewelry — and may include biometric features.

• A company called Purewrist introduced a $25 payment bracelet that’s linked to a reloadable Mastercard account that the wearer can manage online.
• At CES this year, a startup called Flywallet showed off Keyble, a "small smart module that fits into bracelets, watch straps and key rings" and uses the wearer's finger image to authenticate payments.
• On the high end, a European company called Armillon introduced limited-edition diamond-encrusted payment bracelets for men, which GQ UK says start at £38,130 ($52,000).

Of note: Europe is way ahead of the U.S. in its adoption of payment wearables.

The intrigue: Amazon is expanding use of its "Amazon One" payment terminals — which read your palm to authenticate a transaction.

• Under Amazon's vision, a biometric identifier — the palm image — would become a ubiquitous payment vehicle.

On Tap

• It's another round of earnings reports today, including Qualcomm, Spotify, PayPal, IAC and eBay.

Trading Places

• Tech veteran Susan Ware, known for creating the original Macintosh icons, is joining Pokémon Go creator Niantic.

ICYMI

• Wikimedia is implementing a global code of conduct amid complaints of harassment and posting intentionally false information. (Reuters)
• TikTok will warn users if they try to share content flagged as false or misleading. (Axios)
• India is threatening Twitter with penal action if it doesn't block accounts related to a farmers' protest. (TechCrunch)
• Video game holding company Embracer Group will pay up to $450 million to acquire Mac-focused game developer Aspyr. (VentureBeat)
• Here's the story of the artist behind the "Blue Check Homes" prank — Twitter-style verified badges for public figures to put on their houses — that went viral last week. (SFGate)

In my collection of animals-in-snow pictures yesterday I neglected to include any cats. I would like to rectify that with these adorable cats cuddling in the snow.