Investments (Tables)

9 Months Ended

Apr. 26, 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):

April 26, 2025	Amortized 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 securities	376		1		—		377
Corporate debt securities	3,206		7		(75)		3,138
U.S. agency mortgage-backed securities	556		—		(66)		490
Commercial paper	436		—		—		436
Certificates of deposit	608		—		—		608
Total	$	7,338	$	12	$	(156)	$	7,194

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				Nine Months Ended
	April 26, 2025		April 27, 2024		April 26, 2025		April 27, 2024
Gross realized gains	$	1	$	2	$	9	$	7
Gross realized losses	(31)		(16)		$	(84)	$	(64)
Total	$	(30)	$	(14)	$	(75)	$	(57)

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 April 26, 2025 and July 27, 2024 (in millions):

	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
April 26, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross  Unrealized  Losses
U.S. government securities	$	970	$	(6)	$	313	$	(9)	$	1,283	$	(15)
U.S. government agency securities	10		—		31		—		41		—
Non-U.S. government and agency securities	76		—		—		—		76		—
Corporate debt securities	319		(1)		1,917		(48)		2,236		(49)
U.S. agency mortgage-backed securities	6		—		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, 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 April 26, 2025 (in millions): 

	Amortized Cost		Fair Value
Within 1 year	$	3,160	$	3,118
After 1 year through 5 years	3,622		3,586
Mortgage-backed securities with no single maturity	556		490
Total	$	7,338	$	7,194