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Available-for-Sale Debt and Equity Investments
 6 Months Ended
Jan. 28, 2023
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Debt and Equity Investments Available-for-Sale Debt and Equity Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):

January 28, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$2,050 $2 $(54)$1,998 
U.S. government agency securities 169 — (5)164 
Non-U.S. government and agency securities354 — (1)353 
Corporate debt securities7,480 5 (345)7,140 
U.S. agency mortgage-backed securities2,013 2 (188)1,827 
Commercial paper1,029 — — 1,029 
Certificates of deposit261 — — 261 
Total$13,356 $9 $(593)$12,772 
July 30, 2022Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$1,287 $— $(49)$1,238 
U.S. government agency securities 142 — (4)138 
Non-U.S. government and agency securities272 — — 272 
Corporate debt securities8,127 2 (311)7,818 
U.S. agency mortgage-backed securities2,134 — (158)1,976 
Commercial paper255 — — 255 
Certificates of deposit250 — — 250 
Total$12,467 $2 $(522)$11,947 
Net unsettled investment purchases were $15 million and net unsettled investment sales were $70 million as of January 28, 2023 and July 30, 2022, respectively, and were included in other current assets and other current liabilities.
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Three Months EndedSix Months Ended
January 28, 2023January 29, 2022January 28, 2023January 29, 2022
Gross realized gains$3 $13 $3 $19 
Gross realized losses(6)(3)(12)(3)
Total$(3)$10 $(9)$16 
The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at January 28, 2023 and July 30, 2022 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
January 28, 2023Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$470 $(6)$1,086 $(48)$1,556 $(54)
U.S. government agency securities33 — 121 (5)154 (5)
Non-U.S. government and agency securities339 (1)— — 339 (1)
Corporate debt securities2,770 (94)3,333 (219)6,103 (313)
U.S. agency mortgage-backed securities305 (12)1,440 (176)1,745 (188)
Commercial paper40 — — — 40 — 
Total$3,957 $(113)$5,980 $(448)$9,937 $(561)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 30, 2022Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,110 $(44)$120 $(5)$1,230 $(49)
U.S. government agency securities114 (2)24 (2)138 (4)
Non-U.S. government and agency securities264 — — — 264 — 
Corporate debt securities6,920 (240)422 (37)7,342 (277)
U.S. agency mortgage-backed securities1,305 (96)615 (62)1,920 (158)
Total$9,713 $(382)$1,181 $(106)$10,894 $(488)
The following table summarizes the maturities of our available-for-sale debt investments as of January 28, 2023 (in millions): 
Amortized CostFair Value
Within 1 year$4,806 $4,734 
After 1 year through 5 years6,491 6,170 
After 5 years through 10 years46 41 
Mortgage-backed securities with no single maturity2,013 1,827 
Total$13,356 $12,772 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Summary of Equity Investments
We held marketable equity securities of $280 million and $241 million as of January 28, 2023 and July 30, 2022, respectively. We recognized a net unrealized gain of $11 million and a net unrealized loss of $9 million during the second quarter and first six months of fiscal 2023, respectively, and a net unrealized loss of $18 million and $13 million during the corresponding periods of fiscal 2022, respectively, on our marketable securities still held as of the reporting date. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net gain of $3 million and a net loss of $8 million for the second quarter and first six months of fiscal 2023, respectively, and a net gain of $14 million and $16 million for the corresponding periods of fiscal 2022, respectively. We held equity interests in certain private equity funds of $1.0 billion and $1.1 billion as of January 28, 2023 and July 30, 2022, respectively, which are accounted for under the NAV practical expedient.
In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of January 28, 2023, there were no significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.
The carrying value of our investments in privately held companies was $1.8 billion and $1.9 billion as of January 28, 2023 and July 30, 2022, respectively. Of the total carrying value of our investments in privately held companies as of January 28, 2023, $1.1 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of January 28, 2023, we have total funding commitments of $0.3 billion related to privately held investments, some of which may be based on the achievement of certain agreed-upon milestones or are required to be funded on demand. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments.