
October 28, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	2,596	$	—	$	(72)	$	2,524
U.S. government agency securities	421		—		(6)		415
Non-U.S. government and agency securities	351		—		—		351
Corporate debt securities	6,862		1		(363)		6,500
U.S. agency mortgage-backed securities	2,431		—		(318)		2,113
Commercial paper	943		—		—		943
Certificates of deposit	666		—		—		666
Total	$	14,270	$	1	$	(759)	$	13,512


July 29, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	3,587	$	1	$	(62)	$	3,526
U.S. government agency securities	428		—		(5)		423
Non-U.S. government and agency securities	364		—		(1)		363
Corporate debt securities	7,238		3		(327)		6,914
U.S. agency mortgage-backed securities	2,421		14		(230)		2,205
Commercial paper	1,484		—		—		1,484
Certificates of deposit	677		—		—		677
Total	$	16,199	$	18	$	(625)	$	15,592

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 October 28, 2023 and July 29, 2023 (in millions):


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
October 28, 2023	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	1,844	$	(38)	$	680	$	(34)	$	2,524	$	(72)
U.S. government agency securities	377		(3)		38		(3)		415		(6)
Non-U.S. government and agency securities	324		—		—		—		324		—
Corporate debt securities	1,679		(29)		4,275		(304)		5,954		(333)
U.S. agency mortgage-backed securities	798		(45)		1,315		(273)		2,113		(318)
Commercial paper	10		—		—		—		10		—
Certificates of deposit	10		—		—		—		10		—
Total	$	5,042	$	(115)	$	6,308	$	(614)	$	11,350	$	(729)


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
July 29, 2023	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	2,394	$	(26)	$	931	$	(36)	$	3,325	$	(62)
U.S. government agency securities	343		(2)		72		(3)		415		(5)
Non-U.S. government and agency securities	363		(1)		—		—		363		(1)
Corporate debt securities	1,736		(22)		4,315		(275)		6,051		(297)
U.S. agency mortgage-backed securities	658		(13)		1,438		(217)		2,096		(230)
Commercial paper	97		—		—		—		97		—
Certificates of deposit	2		—		—		—		2		—
Total	$	5,593	$	(64)	$	6,756	$	(531)	$	12,349	$	(595)


	Amortized Cost		Fair Value
Within 1 year	$	4,201	$	4,152
After 1 year through 5 years	7,627		7,236
After 5 years through 10 years	9		9
After 10 years	2		2
Mortgage-backed securities with no single maturity	2,431		2,113
Total	$	14,270	$	13,512

We held marketable equity securities of $409 million and $431 million as of October 28, 2023 and July 29, 2023, respectively. We recognized a net unrealized loss of $42 million and $20 million during the first quarter of fiscal 2024 and 2023, 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 loss of $12 million for the first quarter of fiscal 2023. These adjustments were not material for the first quarter of fiscal 2024. We held equity interests in certain private equity funds of $0.9 billion as of each of October 28, 2023 and July 29, 2023, 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 October 28, 2023, there were no additional 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 as of each of October 28, 2023 and July 29, 2023. Of the total carrying value of our investments in privately held companies as of October 28, 2023, $0.9 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of October 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.