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Fair Value Measurements (Tables)
 12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2025 (in thousands):

Level 1
Level 2
Total
Assets:
Cash equivalents:
Money market funds$1,741,089 $— $1,741,089 
U.S. government securities— 388,670 388,670 
Time deposits— 113,851 113,851 
Corporate notes and bonds— 4,466 4,466 
Commercial paper— 3,064 3,064 
Short-term investments:
Corporate notes and bonds— 1,059,181 1,059,181 
U.S. government and agency securities— 456,673 456,673 
Commercial paper— 307,856 307,856 
Certificates of deposit— 185,163 185,163 
Long-term investments:
Corporate notes and bonds— 501,369 501,369 
U.S. government and agency securities— 153,065 153,065 
Certificates of deposit— 2,042 2,042 
Derivative assets:
Foreign currency forward contracts— 1,579 1,579 
Total assets$1,741,089 $3,176,979 $4,918,068 
Liabilities:
Derivative liabilities:
Foreign currency forward contracts$— $(1,639)$(1,639)
Total liabilities
$— $(1,639)$(1,639)
The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands):

Level 1
Level 2
Total
Assets:
Cash equivalents:
U.S. government securities$— $742,234 $742,234 
Money market funds533,211 — 533,211 
Time deposits— 56,263 56,263 
Short-term investments:
Corporate notes and bonds— 939,727 939,727 
U.S. government and agency securities— 573,780 573,780 
Commercial paper— 353,548 353,548 
Certificates of deposit— 216,444 216,444 
Long-term investments:
Corporate notes and bonds— 607,989 607,989 
U.S. government and agency securities— 299,637 299,637 
Certificates of deposit— 8,681 8,681 
Derivative assets:
Foreign currency forward contracts— 60 60 
Total assets$533,211 $3,798,363 $4,331,574 
Liabilities:
Derivative liabilities:
Foreign currency forward contracts$— $(745)$(745)
Total liabilities
$— $(745)$(745)
Schedule of Fair Value Measurements
The following table presents the Company’s strategic investments by type (in thousands):

January 31, 2025January 31, 2024
Equity securities:
Non-marketable equity securities under Measurement Alternative$281,158 $190,238 
Non-marketable equity securities under equity method5,491 5,307 
Marketable equity securities13,833 37,320 
Debt securities:
Non-marketable debt securities750 1,500 
Total strategic investments—included in other assets$301,232 $234,365 
Realized and Unrealized Gain (Loss) on Investments
The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):

Fiscal Year Ended January 31,
202520242023
Unrealized gains (losses) on non-marketable equity securities under Measurement Alternative:
Impairments$(11,578)$(3,101)$(38,036)
Upward adjustments— — 4,125 
Net unrealized gains (losses) on marketable equity securities
(2,428)15,197 (12,524)
Net unrealized gains (losses) on strategic investments in equity securities
(14,006)12,096 (46,435)
Net realized gains (losses) on strategic investments in equity securities(1)
(17,414)34,713 — 
Total—included in other income (expense), net$(31,420)$46,809 $(46,435)
________________
(1)The net realized gains on strategic investments in equity securities for the fiscal year ended January 31, 2024 include primarily a remeasurement gain of $34.0 million recognized on a previously held equity interest as a result of a business combination completed during fiscal 2024. See Note 7, “Business Combinations,” for further details. For strategic investments in equity securities sold, the realized gains or losses represent the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.