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Investments
 6 Months Ended
Jan. 27, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):

January 27, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$2,428 $3 $(34)$2,397 
U.S. government agency securities 354 — (2)352 
Non-U.S. government and agency securities364 — — 364 
Corporate debt securities5,343 7 (210)5,140 
U.S. agency mortgage-backed securities2,127 1 (197)1,931 
Commercial paper828 — — 828 
Certificates of deposit518 — — 518 
Total$11,962 $11 $(443)$11,530 
July 29, 2023Amortized
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 securities364 — (1)363 
Corporate debt securities7,238 3 (327)6,914 
U.S. agency mortgage-backed securities2,421 14 (230)2,205 
Commercial paper1,484 — — 1,484 
Certificates of deposit677 — — 677 
Total$16,199 $18 $(625)$15,592 
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 27, 2024January 28, 2023January 27, 2024January 28, 2023
Gross realized gains$5 $3 $5 $3 
Gross realized losses(28)(6)(48)(12)
Total$(23)$(3)$(43)$(9)
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 27, 2024 and July 29, 2023 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
January 27, 2024Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,145 $(9)$550 $(25)$1,695 $(34)
U.S. government agency securities224 — 39 (2)263 (2)
Non-U.S. government and agency securities200 — — — 200 — 
Corporate debt securities557 (2)3,527 (178)4,084 (180)
U.S. agency mortgage-backed securities415 (6)1,320 (191)1,735 (197)
Commercial paper10 — — — 10 — 
Total$2,551 $(17)$5,436 $(396)$7,987 $(413)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 29, 2023Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$2,394 $(26)$931 $(36)$3,325 $(62)
U.S. government agency securities343 (2)72 (3)415 (5)
Non-U.S. government and agency securities363 (1)— — 363 (1)
Corporate debt securities1,736 (22)4,315 (275)6,051 (297)
U.S. agency mortgage-backed securities658 (13)1,438 (217)2,096 (230)
Commercial paper97 — — — 97 — 
Certificates of deposit2 — — — 2 — 
Total$5,593 $(64)$6,756 $(531)$12,349 $(595)
The following table summarizes the maturities of our available-for-sale debt investments as of January 27, 2024 (in millions): 
Amortized CostFair Value
Within 1 year$3,686 $3,642 
After 1 year through 5 years6,149 5,957 
Mortgage-backed securities with no single maturity2,127 1,931 
Total$11,962 $11,530 
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 $426 million and $431 million as of January 27, 2024 and July 29, 2023, respectively. We recognized a net unrealized gain of $55 million and $17 million during the second quarter and first six months of fiscal 2024, respectively, and a net unrealized gain of $11 million and a net unrealized loss of $9 million during the corresponding periods of fiscal 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 $134 million for the second quarter and first six months of fiscal 2024, and a net gain of $3 million and a net loss of $8 million for the corresponding periods of fiscal 2023, respectively. We held equity interests in certain private equity funds of $0.8 billion and $0.9 billion as of January 27, 2024 and July 29, 2023, 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 27, 2024, 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 $1.6 billion and $1.8 billion as of January 27, 2024 and July 29, 2023, respectively. Of the total carrying value of our investments in privately held companies as of January 27, 2024, $0.9 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of January 27, 2024, we have total funding commitments of $0.2 billion related to privately held investments. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments.