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 latest 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 inflection point, setting up for broad adoption reaching into every industry. From startups to major enterprises, we are see𝓡ing 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 mor꧑e than 11,000 emꦉployees or 13% of its workforce as its costs soared and Meta faced a weak ad market.

4. Tesla Will Move Its Global Engineering Hea🅺dquarters 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 Silicꦦon Valley to Austin, Texas in December of 2🅷021.

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.