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Cash Equivalents and Marketable Securities
 12 Months Ended
Jan. 25, 2026
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
The fair values of our financial assets are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis. The following is a summary of cash equivalents and marketable securities:
 Jan 25, 2026
Pricing Category
Cost or Amortized
Cost
Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value		Reported as
Cash EquivalentsMarketable Securities
Other Assets
 (In millions)
Debt securities issued by the U.S. TreasuryLevel 2$21,635 $77 $(3)$21,709 $— $21,709 $— 
Corporate debt securitiesLevel 215,410 92 (3)15,499 345 15,154 — 
Debt securities issued by U.S. government agenciesLevel 22,157 4 — 2,161 — 2,161 — 
Certificates of depositLevel 2110 — — 110 110 — — 
Foreign government bondsLevel 240 1 — 41 — 41 — 
Money market fundsLevel 17,830 — — 7,830 7,830 — — 
Publicly-held equity securities (1) (2)
Level 117,726 — 12,886 4,840 
Total$47,182 $174 $(6)$65,076 $8,285 $51,951 $4,840 
(1)    In the first quarter of fiscal year 2026, one investment was reclassified from non-marketable equity securities to marketable securities following public market trading. The balance as of January 25, 2026 includes $10.5 billion of investments which are subject to short-term lock-up restrictions on the ability to sell.
(2)    The long-term portion of marketable equity securities, which are subject to lock-up restrictions through December 2027 of $4.8 billion as of January 25, 2026, is included in other assets.
Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $6.6 billion for fiscal year 2026. Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for fiscal years 2025 and 2024.
Net realized gains on investments in publicly-held equity securities sold were not significant for fiscal years 2026, 2025, and 2024, reflecting the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later.
Jan 26, 2025
Pricing CategoryCost or Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value		Reported as
Cash EquivalentsMarketable Securities
(In millions)
Corporate debt securitiesLevel 2$18,504 $51 $(29)$18,526 $2,071 $16,455 
Debt securities issued by the U.S. TreasuryLevel 216,749 42 (22)16,769 1,801 14,968 
Debt securities issued by U.S. government agenciesLevel 22,775 7 (5)2,777 — 2,777 
Foreign government bondsLevel 2177 — — 177 137 40 
Certificates of depositLevel 297 — — 97 97 — 
Money market fundsLevel 13,760 — — 3,760 3,760 — 
Publicly-held equity securities
Level 1381 — 381 
Total$42,062 $100 $(56)$42,487 $7,866 $34,621 
The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:
Jan 25, 2026Jan 26, 2025
 Less than 12 MonthsLess than 12 Months
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$10,666 $(3)$6,315 $(22)
Corporate debt securities1,332 (3)5,291 (29)
Debt securities issued by U.S. government agencies1,134 — 816 (5)
Total$13,132 $(6)$12,422 $(56)
Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater as of January 25, 2026 and January 26, 2025 were not significant. Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.
The estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.
 Jan 25, 2026
 (In millions)
Less than one year$20,427 
Due in 1 - 5 years19,093 
Total$39,520