
July 27, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	2,380	$	1	$	(28)	$	2,353
U.S. government agency securities	223		—		(2)		221
Non-U.S. government and agency securities	370		1		—		371
Corporate debt securities	3,818		5		(146)		3,677
U.S. agency mortgage-backed securities	1,959		—		(178)		1,781
Commercial paper	1,023		—		—		1,023
Certificates of deposit	439		—		—		439
Total	$	10,212	$	7	$	(354)	$	9,865


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 table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):


Years Ended	July 27, 2024		July 29, 2023		July 30, 2022
Gross realized gains	$	7	$	4	$	27
Gross realized losses	(74)		(25)		(18)
Total	$	(67)	$	(21)	$	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 July 27, 2024 and July 29, 2023 (in millions):


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
July 27, 2024	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	598	$	(2)	$	1,399	$	(26)	$	1,997	$	(28)
U.S. government agency securities	89		—		109		(2)		198		(2)
Non-U.S. government and agency securities	17		—		—		—		17		—
Corporate debt securities	276		(1)		2,818		(115)		3,094		(116)
U.S. agency mortgage-backed securities	238		(1)		1,438		(177)		1,676		(178)
Commercial paper	10		—		—		—		10		—
Total	$	1,228	$	(4)	$	5,764	$	(320)	$	6,992	$	(324)


	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	$	3,715	$	3,674
After 1 year through 5 years	4,538		4,410
Mortgage-backed securities with no single maturity	1,959		1,781
Total	$	10,212	$	9,865

We held marketable equity securities of $481 million and $431 million as of July 27, 2024 and July 29, 2023, respectively. We recognized a net unrealized gain of $71 million and $36 million for 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 $165 million and $8 million for fiscal 2024 and 2023, respectively. We held equity interests in certain private equity funds of $0.8 billion and $0.9 billion as of July 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 July 27, 2024, there were no additional significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.