The government's latest estimate of economic growth comes in higher than expected, Meta plans more layoffs, and Nvidia shares surge after reported its revenue forecast for the current quarter came in above expectations. Here’s what investors need to know today.

1. The Economy Grows Faster Than Expected

In its second estimate of fourth quarter , The Bureau of Economic Analysis  the economy grew at an annual rate of 2.7%, compared to projections of 2.5% after rising 3.2% in the third quarter. Separately, the Labor Department  initial jobless claims for state unemployment benefits fell by 3,000 to 192,000 in the lates🃏t week ended Feb. 18. Economists had expected them to increase.

2. Nvidia Forcasts AI Boom, Shares Rise

Nvidia () shares surged 8% after the chipmaker reported its revenue forecast for the current quarter came in above expectations. In a statement, Nvidia CEO Jensen Huang said “AI is at an inflectio♈n point, setting up for broad adoption reaching into every industry. From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.” Shares are up 45% so far this year.

3. Meta Platforms Plans More Layoffs

Meta Platforms is reportedly planning a fresh round of job cuts that could affect thousands of workers. That follows last year’s  of more than 11,000 empꦦloyees or 13% of its workforce as its costs soared and Meta faced a weak ad market.

4. Tesla Will Move Its Global Engineerin♑g Headquarters to California

CEO  and California Governor Gavin Newsom announced Tesla will make its global engineering headquarters in California. Tesla had moved its corporate headquarters from Silicon Valley to Austin, Texas in ⛄December of 2021.

5. Dan Loeb's Third Point Will Launch a Proxy Fight at Bath & Body Works

Dan Loeb’s Third Point hedge fund will launch a  at Bath & Body Works () to address what the activist investor says is excessive executive pay and lagging financial performance. Third Point revealed its 6% stake in the company in December.