v3.25.2
Investments
 12 Months Ended
Jul. 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):
July 26, 2025Amortized
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 securities458 — — 458 
Corporate debt securities3,138 13 (61)3,090 
U.S. agency mortgage-backed securities320 — (34)286 
Commercial paper950 — — 950 
Certificates of deposit569 — — 569 
Total$7,473 $15 $(107)$7,381 

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):
Years EndedJuly 26, 2025July 27, 2024July 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, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,076 $(6)$302 $(6)$1,378 $(12)
U.S. government agency securities8 — 21 — 29 — 
Non-U.S. government and agency securities292 — — — 292 — 
Corporate debt securities106 — 1,800 (35)1,906 (35)
U.S. agency mortgage-backed securities5 — 279 (34)284 (34)
Commercial paper30 — — — 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, 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 July 26, 2025 (in millions): 
Amortized CostFair Value
Within 1 year$3,959 $3,911 
After 1 year through 5 years3,194 3,184 
Mortgage-backed securities with no single maturity320 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.
(b)Marketable Equity Securities
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.
(c) Investments in Privately Held Companies
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, 2025July 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.