The fair values of our financial assets are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis. The following is a summary of cash equivalents and marketable securities:


	Jul 27, 2025
	Pricing Category	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
										Cash Equivalents		Marketable Securities

		(In millions)
Debt securities issued by the U.S. Treasury	Level 2	$	23,967	$	76	$	(11)	$	24,032	$	3,784	$	20,248
Corporate debt securities	Level 2	21,564		81		(9)		21,636		2,214		19,422
Money market funds	Level 1	5,245		—		—		5,245		5,245		—
Debt securities issued by U.S. government agencies	Level 2	2,238		7		(2)		2,243		—		2,243
Certificates of deposit	Level 2	108		—		—		108		108		—
Foreign government bonds	Level 2	40		—		—		40		—		40
Total debt securities with fair value adjustments recorded in other comprehensive income		53,162		164		(22)		53,304		11,351		41,953
Publicly-held equity securities (1)	Level 1							3,199		—		3,199
Total		$	53,162	$	164	$	(22)	$	56,503	$	11,351	$	45,152

(1) In the first quarter of fiscal year 2026, one investment was reclassified from non-marketable equity securities to marketable securities following public market trading. The fair value of the investment as of July 27, 2025 was $2.8 billion and was subject to a short-term restriction on the ability to sell.

Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $1.9 billion and $1.7 billion for the second quarter and first half of fiscal year 2026, respectively. Net unrealized gains on investments in publicly-held equity securities held at period end were $132 million and $181 million for the second quarter and first half of fiscal year 2025, respectively.


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

		(In millions)
Corporate debt securities	Level 2	$	18,504	$	51	$	(29)	$	18,526	$	2,071	$	16,455
Debt securities issued by the U.S. Treasury	Level 2	16,749		42		(22)		16,769		1,801		14,968
Money market funds	Level 1	3,760		—		—		3,760		3,760		—
Debt securities issued by U.S. government agencies	Level 2	2,775		7		(5)		2,777		—		2,777
Foreign government bonds	Level 2	177		—		—		177		137		40
Certificates of deposit	Level 2	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	Level 1							381		—		381
Total		$	42,062	$	100	$	(56)	$	42,487	$	7,866	$	34,621

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


	Jul 27, 2025				Jan 26, 2025
	Less than 12 Months					Less than 12 Months
	Estimated Fair Value		Gross Unrealized Loss				Estimated Fair Value		Gross Unrealized Loss

	(In millions)
Debt securities issued by the U.S. Treasury	$	7,319	$	(11)			$	6,315	$	(22)
Corporate debt securities	3,539		(9)				5,291		(29)
Debt securities issued by U.S. government agencies	768		(2)				816		(5)
Total	$	11,626	$	(22)			$	12,422	$	(56)

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater, with balances of $15 million and $213 million as of July 27, 2025 and January 26, 2025, respectively, were not significant.