v3.25.2
Fair Value of Non-marketable Equity Securities
 6 Months Ended
Jul. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Non-marketable Equity Securities Fair Value of Non-marketable Equity Securities
Our non-marketable equity securities are recorded in long-term other assets on our Condensed Consolidated Balance Sheets and valued under the measurement alternative. Gains and losses on these investments, realized and unrealized, are recognized in Other income (expense), net on our Condensed Consolidated Statements of Income.
Adjustments to the carrying value of our non-marketable equity securities during the second quarter and first half of fiscal years 2026 and 2025 were as follows:
Three Months EndedSix Months Ended
Jul 27, 2025Jul 28, 2024Jul 27, 2025Jul 28, 2024
(In millions)
Balance at beginning of period$3,240 $1,463 $3,387 $1,321 
Adjustments related to non-marketable equity securities:
Net additions299 294 948 421 
Unrealized gains267 77 330 92 
Reclassification (1)
(5)— (848)— 
Impairments and unrealized losses(2)(15)(18)(15)
Balance at end of period$3,799 $1,819 $3,799 $1,819 
(1) Represents reclassifications from non-marketable equity securities to marketable securities following public market trading.
Non-marketable equity securities had cumulative gross unrealized gains of $661 million and $362 million, and cumulative gross unrealized losses and impairments of $93 million and $60 million on securities held as of July 27, 2025 and July 28, 2024, respectively.