Investments (Tables)

6 Months Ended

Jan. 25, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Available-for-Sale Debt Investments

The following tables summarize our available-for-sale debt investments (in millions):

January 25, 2025	Amortized 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 securities	363		1		—		364
Corporate debt securities	3,292		6		(94)		3,204
U.S. agency mortgage-backed securities	847		—		(111)		736
Commercial paper	732		—		—		732
Certificates of deposit	663		—		—		663
Total	$	8,186	$	7	$	(235)	$	7,958

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

Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment

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

	Three Months Ended				Six Months Ended
	January 25, 2025		January 27, 2024		January 25, 2025		January 27, 2024
Gross realized gains	$	—	$	5	$	8	$	5
Gross realized losses	(20)		(28)		(53)		$	(48)
Total	$	(20)	$	(23)	$	(45)	$	(43)

Available-for-Sale Investments with Gross Unrealized Losses

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, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross  Unrealized  Losses
U.S. government securities	$	1,431	$	(17)	$	387	$	(12)	$	1,818	$	(29)
U.S. government agency securities	30		—		48		(1)		78		(1)
Corporate debt securities	281		(2)		2,193		(63)		2,474		(65)
U.S. agency mortgage-backed securities	8		—		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, 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)

Maturities of Available-for-Sale Debt Investments

The following table summarizes the maturities of our available-for-sale debt investments as of January 25, 2025 (in millions): 

	Amortized Cost		Fair Value
Within 1 year	$	3,238	$	3,207
After 1 year through 5 years	4,101		4,015
Mortgage-backed securities with no single maturity	847		736
Total	$	8,186	$	7,958