
	Jan 26, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
									Cash Equivalents		Marketable Securities

	(In millions)
Corporate debt securities	$	18,504	$	51	$	(29)	$	18,526	$	2,071	$	16,455
Debt securities issued by the U.S. Treasury	16,749		42		(22)		16,769		1,801		14,968
Money market funds	3,760		—		—		3,760		3,760		—
Debt securities issued by U.S. government agencies	2,775		7		(5)		2,777		—		2,777
Foreign government bonds	177		—		—		177		137		40
Certificates of deposit	97		—		—		97		97		—
Total debt securities with fair value adjustments recorded in other comprehensive income	42,062		100		(56)		42,106		7,866		34,240
Publicly-held equity securities (1)							381		—		381
Total	$	42,062	$	100	$	(56)	$	42,487	$	7,866	$	34,621

(1) Fair value adjustments on publicly-held equity securities are recorded in net income. Beginning in the second quarter of fiscal year 2025, publicly-held equity securities from investments in non-affiliated entities included in other assets (long term) were classified in marketable securities on our Consolidated Balance Sheets.

Net unrealized gains on investments in publicly-held equity securities held at period end were $163 million for fiscal year 2025. Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for fiscal years 2024 and 2023.

Net realized gains on investments in publicly-held equity securities sold were $88 million for fiscal year 2025, reflecting the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later. Realized gains and losses on investments in publicly-held equity securities sold during fiscal years 2024 and 2023 were not significant.


	Jan 28, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
									Cash Equivalents		Marketable Securities

	(In millions)
Corporate debt securities	$	10,126	$	31	$	(5)	$	10,152	$	2,231	$	7,921
Debt securities issued by the U.S. Treasury	9,517		17		(10)		9,524		1,315		8,209
Money market funds	3,031		—		—		3,031		3,031		—
Debt securities issued by U.S. government agencies	2,326		8		(1)		2,333		89		2,244
Certificates of deposit	510		—		—		510		294		216
Foreign government bonds	174		—		—		174		60		114
Total debt securities with fair value changes recorded in other comprehensive income	$	25,684	$	56	$	(16)	$	25,724	$	7,020	$	18,704

The following tables provide the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:


	Jan 26, 2025
	Less than 12 Months				12 Months or Greater				Total
	Estimated Fair Value		Gross Unrealized Loss		Estimated Fair Value		Gross Unrealized Loss		Estimated Fair Value		Gross Unrealized Loss

	(In millions)
Debt securities issued by the U.S. Treasury	$	6,315	$	(22)	$	177	$	—	$	6,492	$	(22)
Corporate debt securities	5,291		(29)		15		—		5,306		(29)
Debt securities issued by U.S. government agencies	816		(5)		21		—		837		(5)
Total	$	12,422	$	(56)	$	213	$	—	$	12,635	$	(56)


	Jan 28, 2024
	Less than 12 Months				12 Months or Greater				Total
	Estimated Fair Value		Gross Unrealized Loss		Estimated Fair Value		Gross Unrealized Loss		Estimated Fair Value		Gross Unrealized Loss

	(In millions)
Debt securities issued by the U.S. Treasury	$	3,343	$	(5)	$	1,078	$	(5)	$	4,421	$	(10)
Corporate debt securities	1,306		(3)		618		(2)		1,924		(5)
Debt securities issued by U.S. government agencies	670		(1)		—		—		670		(1)
Total	$	5,319	$	(9)	$	1,696	$	(7)	$	7,015	$	(16)

The amortized cost and estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.


	Jan 26, 2025				Jan 28, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

	(In millions)
Less than one year	$	18,426	$	18,450	$	16,336	$	16,329
Due in 1 - 5 years	23,636		23,656		9,348		9,395
Total	$	42,062	$	42,106	$	25,684	$	25,724