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Fair Value Measurements
 3 Months Ended
Jan. 25, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
The following table presents our fair value hierarchy for our financial assets (excluding cash balances) measured at fair value on a recurring basis:
 
 January 25, 2026October 26, 2025
 Level 1Level 2TotalLevel 1Level 2Total
 (In millions)
Assets:
Available-for-sale debt security investments
Money market funds*$3,788 $— $3,788 $2,264 $— $2,264 
Bank certificates of deposit and time deposits— 181 181 — 184 184 
U.S. Treasury and agency securities1,249 424 1,673 2,109 319 2,428 
Non-U.S. government securities— 3 3 — 5 5 
Municipal securities— 482 482 — 473 473 
Commercial paper, corporate bonds and medium-term notes— 2,364 2,364 — 3,102 3,102 
Asset-backed and mortgage-backed securities— 570 570 — 616 616 
Total available-for-sale debt security investments$5,037 $4,024 $9,061 $4,373 $4,699 $9,072 
Equity investments with readily determinable values
Publicly traded equity securities$2,576 $— $2,576 $2,110 $— $2,110 
Total equity investments with readily determinable values$2,576 $— $2,576 $2,110 $— $2,110 
Total$7,613 $4,024 $11,637 $6,483 $4,699 $11,182 
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*Amounts as of January 25, 2026 and October 26, 2025 include $69 million and $71 million, respectively, invested in money market funds related to deferred compensation plans. Due to restrictions on the distribution of these funds, they are classified as restricted cash equivalents and are included in deferred income taxes and other assets in the Consolidated Condensed Balance Sheets.
As of January 25, 2026 and October 26, 2025, available-for-sale, short-term and long-term investments not recognized at fair value based upon observable inputs or quoted prices were not material.
We did not have any financial assets measured at fair value on a recurring basis within Level 3 fair value measurements as of January 25, 2026 or October 26, 2025.
Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis
Our equity investments without readily determinable values consist of equity investments in privately held companies. We elected the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes on a prospective basis for certain equity investments without readily determinable fair values and are required to account for any subsequent observable changes in fair value within the statements of operations. These investments are classified as Level 3 within the fair value hierarchy and periodically assessed for impairment when an event or circumstance indicates that a decline in value may have occurred. Impairment losses on equity investments in privately held companies, included in the above fair value hierarchy table, were not material during the three months ended January 25, 2026 and January 26, 2025. These impairment losses are included in interest and other income (expense), net in the Consolidated Condensed Statements of Operations.
Other
The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash equivalents, accounts receivable, commercial paper notes, and accounts payable and accrued expenses, approximate fair value due to their short maturities. As of January 25, 2026, the aggregate principal amount of long-term senior unsecured notes issued by us was $6.5 billion, and their estimated fair value, excluding associated interest rate swaps we entered into in the first quarter of fiscal 2026, was $6.1 billion. See Note 5 of the Notes to the Consolidated Condensed Financial Statements for information on our interest rate swaps. As of October 26, 2025, the aggregate principal amount of long-term senior unsecured notes was $6.5 billion and the estimated fair value was $6.2 billion. The estimated fair value of long-term senior unsecured notes issued by us is determined by Level 2 inputs and is based primarily on quoted market prices for the same or similar issues. See Note 9 of the Notes to the Consolidated Condensed Financial Statements for additional information on our senior unsecured notes.