
July 26, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	1,971	$	2	$	(12)	$	1,961
U.S. government agency securities	67		—		—		67
Non-U.S. government and agency securities	458		—		—		458
Corporate debt securities	3,138		13		(61)		3,090
U.S. agency mortgage-backed securities	320		—		(34)		286
Commercial paper	950		—		—		950
Certificates of deposit	569		—		—		569
Total	$	7,473	$	15	$	(107)	$	7,381


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

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


Years Ended	July 26, 2025		July 27, 2024		July 29, 2023
Gross realized gains	$	10	$	7	$	4
Gross realized losses	(110)		(74)		(25)
Total	$	(100)	$	(67)	$	(21)

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


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
July 26, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	1,076	$	(6)	$	302	$	(6)	$	1,378	$	(12)
U.S. government agency securities	8		—		21		—		29		—
Non-U.S. government and agency securities	292		—		—		—		292		—
Corporate debt securities	106		—		1,800		(35)		1,906		(35)
U.S. agency mortgage-backed securities	5		—		279		(34)		284		(34)
Commercial paper	30		—		—		—		30		—
Total	$	1,517	$	(6)	$	2,402	$	(75)	$	3,919	$	(81)


	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)

The following table summarizes the maturities of our available-for-sale debt investments as of July 26, 2025 (in millions):


	Amortized Cost		Fair Value
Within 1 year	$	3,959	$	3,911
After 1 year through 5 years	3,194		3,184
Mortgage-backed securities with no single maturity	320		286
Total	$	7,473	$	7,381

Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.

We held marketable equity securities of $383 million and $481 million as of July 26, 2025 and July 27, 2024, respectively. We recognized net unrealized gains of $108 million, $71 million and $36 million for fiscal 2025, 2024, and 2023, respectively, on our marketable securities still held as of the reporting date.

The carrying value of our investments in privately held companies was $1.9 billion and $1.8 billion as of July 26, 2025 and July 27, 2024, respectively. 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.

Investments in privately held companies measured using the measurement alternative had a carrying value of $0.6 billion as of each of July 26, 2025 and July 27, 2024. We recorded adjustments to the carrying value of our investments in privately held companies measured using the measurement alternative as follows (in millions):


	July 26, 2025		July 27, 2024
Cumulative upward adjustments	$	195	$	207
Cumulative downward adjustments, including impairments	(597)		(537)
Net adjustments	$	(402)	$	(330)

We held equity interests in certain private equity funds of $0.7 billion and $0.8 billion as of July 26, 2025 and July 27, 2024, respectively, which are accounted for under the NAV practical expedient.

Of the total carrying value of our investments in privately held companies as of July 26, 2025, $0.8 billion of such investments are considered to be in variable interest entities which are unconsolidated.

Certain of our investments in privately held companies are required to be consolidated under the voting interest entity model. The noncontrolling interest attributed to these investments was $162 million and $99 million as of July 26, 2025 and July 27, 2024, respectively, and is included in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interest attributed to these investments is not material for any of the fiscal years presented and is included in other income (loss), net in the Consolidated Statements of Operations.