Investments (Tables)

6 Months Ended

Jul. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

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

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,671	$	8	$	(6)	$	2,673
U.S. treasury securities	527		1		(2)		526
Mortgage-backed obligations	145		0		(4)		141
Asset-backed securities	1,190		3		(1)		1,192
Municipal securities	68		0		0		68
Commercial paper	255		0		0		255
Covered bonds	20		0		(1)		19
Other	133		0		0		133
Total marketable securities	$	5,009	$	12	$	(14)	$	5,007

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

Schedule of Short-Term and Long-Term Marketable Securities

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

	As of
	July 31, 2025		January 31, 2025
Due within 1 year	$	1,527	$	2,081
Due in 1 year through 5 years	3,471		3,098
Due in 5 years through 10 years	9		5
	$	5,007	$	5,184

Schedules of Strategic Investments

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

	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	84	$	4,775	$	181	$	5,040
Other investments	0		0		45		45
Balance as of July 31, 2025	$	84	$	4,775	$	226	$	5,085

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
Other investments	0		0		41		41
Balance as of January 31, 2025	$	69	$	4,617	$	166	$	4,852

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

2	Three Months Ended July 31,				Six Months Ended July 31,
	2025		2024		2025		2024
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	13	$	(22)	$	(3)	$	(19)
Unrealized gains recognized on privately held equity securities, net	53		44		60		149
Impairments on privately held equity securities and other investments	(86)		(60)		(133)		(190)
Unrealized losses, net	(20)		(38)		(76)		(60)
Realized gains on sales of securities, net	26		1		19		60
Gains (losses) on strategic investments, net	$	6	$	(37)	$	(57)	$	0