v3.26.1
Investments (Tables)
 9 Months Ended
Apr. 25, 2026
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 25, 2026Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities$1,716 $2 $(6)$1,712 
U.S. government agency securities 41 — — 41 
Non-U.S. government and agency securities400 — — 400 
Corporate debt securities2,791 4 (37)2,758 
Mortgage- and asset-backed securities211 — (8)203 
Commercial paper2,731 — — 2,731 
Certificates of deposit1,335 — — 1,335 
Total$9,225 $6 $(51)$9,180 
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 
Mortgage- and asset-backed securities320 — (34)286 
Commercial paper950 — — 950 
Certificates of deposit569 — — 569 
Total$7,473 $15 $(107)$7,381 
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 EndedNine Months Ended
April 25, 2026April 26, 2025April 25, 2026April 26, 2025
Gross realized gains$3 $1 $14 $9 
Gross realized losses(3)(31)(22)(84)
Total$— $(30)$(8)$(75)
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 25, 2026 and July 26, 2025 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
April 25, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,004 $(5)$185 $(1)$1,189 $(6)
U.S. government agency securities7 — — — 7 — 
Non-U.S. government and agency securities263 — — — 263 — 
Corporate debt securities1,073 (6)926 (5)1,999 (11)
Mortgage- and asset-backed securities86 — 73 (8)159 (8)
Commercial paper74 — — — 74 — 
Total$2,507 $(11)$1,184 $(14)$3,691 $(25)
 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)
Mortgage- and asset-backed securities5 — 279 (34)284 (34)
Commercial paper30 — — — 30 — 
Total$1,517 $(6)$2,402 $(75)$3,919 $(81)
Maturities of Available-for-Sale Debt Investments
The following table summarizes the maturities of our available-for-sale debt investments as of April 25, 2026 (in millions): 
Amortized CostFair Value
Within 1 year$5,919 $5,888 
After 1 year through 5 years3,015 3,010 
After 5 years through 10 years80 79 
Mortgage- and asset-backed securities with no single maturity211 203 
Total$9,225 $9,180 
Equity Securities without Readily Determinable Fair Value
Our non-marketable equity securities are investments in privately held entities, venture funds, and publicly traded entities that do not have readily determinable fair value (RDFV). The carrying value of these investments are summarized below (in millions):
April 25, 2026July 26, 2025
Initial cost of non-marketable equity securities measured under the measurement alternative$1,102 $975 
Cumulative upward adjustments440 195 
Cumulative downward adjustments, including impairments(602)(597)
Non-marketable equity securities under measurement alternative940 573 
Restricted equity securities379 — 
Consolidated investments702 508 
Non-marketable equity securities under net asset value (NAV), equity method and other925 840 
Total$2,946 $1,921