Investments

12 Months Ended

Jan. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

At January 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,574	$	6	$	(23)	$	2,557
U.S. treasury securities	546		0		(4)		542
Mortgage-backed obligations	128		0		(6)		122
Asset-backed securities	1,218		3		(4)		1,217
Municipal securities	108		0		(1)		107

Commercial paper	506		0		0		506

Covered bonds	29		0		(2)		27
Other	106		0		0		106
Total marketable securities	$	5,215	$	9	$	(40)	$	5,184

At January 31, 2024, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	3,014	$	9	$	(45)	$	2,978
U.S. treasury securities	583		0		(8)		575
Mortgage-backed obligations	244		1		(9)		236
Asset-backed securities	1,381		5		(7)		1,379
Municipal securities	139		0		(3)		136
Commercial paper	213		0		0		213

Covered bonds	81		0		(3)		78
Other	127		1		(1)		127
Total marketable securities	$	5,782	$	16	$	(76)	$	5,722

The contractual maturities of the investments classified as marketable securities were as follows (in millions):


	As of
	January 31, 2025		January 31, 2024
Due within 1 year	$	2,081	$	2,523
Due in 1 year through 5 years	3,098		3,180
Due in 5 years through 10 years	5		19
	$	5,184	$	5,722

Interest income from marketable securities for fiscal 2025, 2024 and 2023 was $647 million, $527 million and $199 million, respectively, and is included in other income (expense) in the consolidated statements of operations.

Strategic Investments

Strategic investments by form and measurement category as of January 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	69	$	4,617	$	125	$	4,811
Debt securities and other investments	0		0		41		41
Balance as of January 31, 2025	$	69	$	4,617	$	166	$	4,852

Strategic investments by form and measurement category as of January 31, 2024 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	80	$	4,557	$	130	$	4,767
Debt securities and other investments	0		0		81		81
Balance as of January 31, 2024	$	80	$	4,557	$	211	$	4,848

The Company holds investments in, or management agreements with, variable interest entities (“VIEs”) which the Company does not consolidate because it is not considered the primary beneficiary of these entities. The carrying value of VIEs within strategic investments was $484 million and $382 million, as of January 31, 2025 and January 31, 2024, respectively.

Losses on Strategic Investments, Net

The components of losses on strategic investments, net were as follows (in millions):


4	Fiscal Year Ended January 31,
		2025		2024		2023
Unrealized gains (losses) recognized on publicly traded equity securities, net		$	(16)	$	29	$	1
Unrealized gains recognized on privately held equity securities, net		358		119		180
Impairments on privately held equity and debt securities		(582)		(466)		(491)
Unrealized losses, net		(240)		(318)		(310)
Realized gains on sales of securities, net		119		41		71

Losses on strategic investments, net		$	(121)	$	(277)	$	(239)

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $385 million and $125 million and impairments and downward adjustments of $583 million and $465 million for fiscal 2025 and 2024, respectively.

Realized gains on sales of securities, net reflects the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.