v3.25.2
Investments (Tables)
 12 Months Ended
Jul. 26, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale 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 
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):
Years EndedJuly 26, 2025July 27, 2024July 29, 2023
Gross realized gains$10 $7 $4 
Gross realized losses(110)(74)(25)
Total$(100)$(67)$(21)
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 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)
Maturities of Fixed Income Securities
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 
Equity Securities without Readily Determinable Fair Value 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)