
January 24, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	1,756	$	4	$	(4)	$	1,756
U.S. government agency securities	49		—		—		49
Non-U.S. government and agency securities	442		1		—		443
Corporate debt securities	3,106		10		(37)		3,079
Mortgage- and asset-backed securities	247		—		(11)		236
Commercial paper	1,337		—		—		1,337
Certificates of deposit	1,060		—		—		1,060
Total	$	7,997	$	15	$	(52)	$	7,960


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
Mortgage- and asset-backed securities	320		—		(34)		286
Commercial paper	950		—		—		950
Certificates of deposit	569		—		—		569
Total	$	7,473	$	15	$	(107)	$	7,381

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 24, 2026		January 25, 2025		January 24, 2026		January 25, 2025
Gross realized gains	$	1	$	—	$	11	$	8
Gross realized losses	(5)		(20)		(19)		(53)
Total	$	(4)	$	(20)	$	(8)	$	(45)

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 24, 2026 and July 26, 2025 (in millions):


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
January 24, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	710	$	(2)	$	244	$	(2)	$	954	$	(4)
Non-U.S. government and agency securities	116		—		—		—		116		—
Corporate debt securities	422		(1)		1,409		(10)		1,831		(11)
Mortgage- and asset-backed securities	33		—		105		(11)		138		(11)
Total	$	1,281	$	(3)	$	1,758	$	(23)	$	3,039	$	(26)


	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)
Mortgage- and asset-backed securities	5		—		279		(34)		284		(34)
Commercial paper	30		—		—		—		30		—
Total	$	1,517	$	(6)	$	2,402	$	(75)	$	3,919	$	(81)

The following table summarizes the maturities of our available-for-sale debt investments as of January 24, 2026 (in millions):


	Amortized Cost		Fair Value
Within 1 year	$	4,696	$	4,660
After 1 year through 5 years	2,982		2,992
After 5 years through 10 years	72		72
Mortgage- and asset-backed securities with no single maturity	247		236
Total	$	7,997	$	7,960

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 $359 million and $383 million as of January 24, 2026 and July 26, 2025, respectively. We recognized net unrealized losses of $34 million and $4 million during the second quarter and first six months of fiscal 2026, respectively, and net unrealized gains of $16 million and $36 million for the corresponding periods of fiscal 2025, respectively, on our marketable securities still held as of the reporting date.

The carrying value of our investments in privately held companies was $2.1 billion and $1.9 billion as of January 24, 2026 and July 26, 2025, respectively. As of January 24, 2026, we have total funding commitments of $0.7 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 $0.7 billion and $0.6 billion as of January 24, 2026 and July 26, 2025, respectively. We have recorded cumulative adjustments to the carrying value of our investments in privately held companies measured using the measurement alternative as follows (in millions):


	January 24, 2026		July 26, 2025
Cumulative upward adjustments	$	278	$	195
Cumulative downward adjustments, including impairments	(601)		(597)
Net adjustments	$	(323)	$	(402)

We held equity interests in certain private equity funds of $0.7 billion as of each of January 24, 2026 and July 26, 2025, which are accounted for under the NAV practical expedient.

Of the total carrying value of our investments in privately held companies as of January 24, 2026, $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 $221 million and $162 million as of January 24, 2026 and July 26, 2025, 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 periods presented and is included in other income (loss), net in the Consolidated Statements of Operations.