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Investments
 9 Months Ended
Apr. 26, 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):

April 26, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$2,079 $4 $(15)$2,068 
U.S. government agency securities 77 — — 77 
Non-U.S. government and agency securities376 1 — 377 
Corporate debt securities3,206 7 (75)3,138 
U.S. agency mortgage-backed securities556 — (66)490 
Commercial paper436 — — 436 
Certificates of deposit608 — — 608 
Total$7,338 $12 $(156)$7,194 
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 EndedNine Months Ended
April 26, 2025April 27, 2024April 26, 2025April 27, 2024
Gross realized gains$1 $2 $9 $7 
Gross realized losses(31)(16)$(84)$(64)
Total$(30)$(14)$(75)$(57)
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 April 26, 2025 and July 27, 2024 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
April 26, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$970 $(6)$313 $(9)$1,283 $(15)
U.S. government agency securities10 — 31 — 41 — 
Non-U.S. government and agency securities76 — — — 76 — 
Corporate debt securities319 (1)1,917 (48)2,236 (49)
U.S. agency mortgage-backed securities6 — 482 (66)488 (66)
Total$1,381 $(7)$2,743 $(123)$4,124 $(130)
 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 April 26, 2025 (in millions): 
Amortized CostFair Value
Within 1 year$3,160 $3,118 
After 1 year through 5 years3,622 3,586 
Mortgage-backed securities with no single maturity556 490 
Total$7,338 $7,194 
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 $287 million and $481 million as of April 26, 2025 and July 27, 2024, respectively. We recognized a net unrealized loss of $35 million and $6 million during the third quarter and first nine months of fiscal 2025, respectively, and a net unrealized gain of $20 million and $40 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 $2 million and $18 million for the third quarter and first nine months of fiscal 2025, respectively, and a net loss of $21 million and $155 million for 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 April 26, 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 April 26, 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 $2.0 billion and $1.8 billion as of April 26, 2025 and July 27, 2024, respectively. Of the total carrying value of our investments in privately held companies as of April 26, 2025, $0.8 billion of such investments are considered to be in variable interest entities which are not required to be consolidated. As of April 26, 2025, we have total funding commitments of $0.3 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.