Chapel Hill, N.C. – The Virginia Tech volleyball team was defeated in straight sets by No. 15 North Carolina (20-5, 13-3 ACC) on Sunday afternoon at Carmichael Arena. The Hokies, now 11-16 overall and 3-13 in ACC play, on the season.
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‘I Literally Couldn’t Pronounce Nvidia Until About Eight Months Ago’
Esteemed investor Peter Lynch has stated that he does not hold any artificial intelligence (AI) stocks, despite the sector’s recent surge. Lynch, who is well-known for his successful stint at the Fidelity Magellan Fund during the 1980s, disclosed his views on a podcast.
Last month, Lynch confessed during his appearance on “The Compound and Friends” podcast that his portfolio does not include any AI stocks.
“I have zero AI stocks. I literally couldn’t pronounce Nvidia until about eight months ago,” he said during the conversation.
Lynch, who managed an average annual return of 29.2% during his 13-year tenure at Magellan, has been watching the AI surge from the periphery. He refrained from discussing his current portfolio or his preferred stocks, citing Fidelity’s rules.
When questioned if investors have over-pursued the AI trade, Lynch responded that he had “no idea.” He underscored the significance of comprehending the companies one invests in, a concept he fervently promotes in his book “One Up on Wall Street.”
Also Read: Peter Lynch’s Investing Tip: If an 11-Year-Old Doesn’t Get It, Maybe You Don’t Either
He also admitted to having a limited understanding of technology, describing himself as the lowest tech guy. “I’m the lowest tech guy ever. I can’t do anything with computers. I just have yellow pads,” he said.
Lynch offered reassurance to employees worried about AI taking over their jobs, stating, “It’s a great country. We’re creative.”
His remarks are timely, given warnings from executives at companies like Walmart and Accenture about AI’s potential to significantly transform their workforces.
Lynch’s stance on AI stocks is noteworthy given his successful track record as an investor. His lack of investment in the AI sector, despite its recent boom, could be indicative of his investment philosophy of understanding a company thoroughly before investing.
This approach, as he advocates in his book, could serve as a reminder to investors to not get carried away by the hype around a sector and to invest based on a deep understanding of the company and the industry.
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New York Fed met with Wall Street firms about key lending facility: FT
A street sign is seen near the New York Stock Exchange (NYSE) in New York City, New York, U.S., August 7, 2025.
Eduardo Munoz | Reuters
New York Federal Reserve President John Williams met with Wall Street’s dealers last week about a key lending facility, the Financial Times reported, citing three individuals familiar with the matter.
The meeting, which took place on the sidelines on Wednesday at the Fed’s annual Treasury market conference, included representatives from many of the 25 primary dealers of banks that underwrite the government’s debt, according to the report. The meeting participants were members of banks’ teams that specialize in fixed income markets, the report said.
CNBC has confirmed the meeting took place.
Williams sought feedback from these dealers on the use of the Fed’s standing repo facility — a permanent lending tool that allows eligible financial institutions to borrow cash from the central bank in return for high-quality collateral such as Treasury bonds. The tool would allow institutions to sell securities to the Fed with an agreement to repurchase them at a later time, essentially acting as a backstop for markets.
“President Williams convened the New York Fed’s primary trading counterparties [primary dealers] to continue engagement on the purpose of the standing repo facility as a tool of monetary policy implementation and to solicit feedback that ensures it remains effective for rate control,” a spokesperson for the New York Fed told the Financial Times, which reported the news on Friday.
The meeting took place amid brewing concerns about stress in parts of the U.S. financial system and signs of tighter market liquidity.
Roberto Perli, who manages the Fed’s System Open Market Account, which is the central bank’s bonds and cash holdings, said Wednesday that firms in need of the central bank’s standing repo facility should “be used whenever it is economically sensible to do so.”
The New York Fed did not immediately respond to a CNBC request for comment.
Read the complete Financial Times report here.
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