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Investments
 6 Months Ended
Jan. 25, 2025
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 25, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$2,177 $— $(29)$2,148 
U.S. government agency securities 112 — (1)111 
Non-U.S. government and agency securities363 1 — 364 
Corporate debt securities3,292 6 (94)3,204 
U.S. agency mortgage-backed securities847 — (111)736 
Commercial paper732 — — 732 
Certificates of deposit663 — — 663 
Total$8,186 $7 $(235)$7,958 
July 27, 2024Amortized
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 securities370 1 — 371 
Corporate debt securities3,818 5 (146)3,677 
U.S. agency mortgage-backed securities1,959 — (178)1,781 
Commercial paper1,023 — — 1,023 
Certificates of deposit439 — — 439 
Total$10,212 $7 $(354)$9,865 
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Gross realized gains$— $5 $8 $5 
Gross realized losses(20)(28)(53)$(48)
Total$(20)$(23)$(45)$(43)
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 25, 2025 and July 27, 2024 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
January 25, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,431 $(17)$387 $(12)$1,818 $(29)
U.S. government agency securities30 — 48 (1)78 (1)
Corporate debt securities281 (2)2,193 (63)2,474 (65)
U.S. agency mortgage-backed securities8 — 728 (111)736 (111)
Total$1,750 $(19)$3,356 $(187)$5,106 $(206)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 27, 2024Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$598 $(2)$1,399 $(26)$1,997 $(28)
U.S. government agency securities89 — 109 (2)198 (2)
Non-U.S. government and agency securities17 — — — 17 — 
Corporate debt securities276 (1)2,818 (115)3,094 (116)
U.S. agency mortgage-backed securities238 (1)1,438 (177)1,676 (178)
Commercial paper10 — — — 10 — 
Total$1,228 $(4)$5,764 $(320)$6,992 $(324)
The following table summarizes the maturities of our available-for-sale debt investments as of January 25, 2025 (in millions): 
Amortized CostFair Value
Within 1 year$3,238 $3,207 
After 1 year through 5 years4,101 4,015 
Mortgage-backed securities with no single maturity847 736 
Total$8,186 $7,958 
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 $339 million and $481 million as of January 25, 2025 and July 27, 2024, respectively. We recognized a net unrealized gain of $16 million and $36 million during the second quarter and first six months of fiscal 2025, respectively, and a net unrealized gain of $55 million and $17 million during the corresponding periods of fiscal 2024, 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 $8 million and $16 million for the second quarter and first six months of fiscal 2025, respectively, and a net loss of $134 million for each of the corresponding periods of fiscal 2024. We held equity interests in certain private equity funds of $0.7 billion and $0.8 billion as of January 25, 2025 and July 27, 2024, 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 25, 2025, 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 $1.9 billion and $1.8 billion as of January 25, 2025 and July 27, 2024, respectively. Of the total carrying value of our investments in privately held companies as of January 25, 2025, $0.8 billion of such investments are considered to be in variable interest entities which are not required to be consolidated. As of January 25, 2025, 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.