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:


	Jan 25, 2026
	Pricing Category	Cost or Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
										Cash Equivalents		Marketable Securities		Other Assets

	(In millions)
Debt securities issued by the U.S. Treasury	Level 2	$	21,635	$	77	$	(3)	$	21,709	$	—	$	21,709	$	—
Corporate debt securities	Level 2	15,410		92		(3)		15,499		345		15,154		—
Debt securities issued by U.S. government agencies	Level 2	2,157		4		—		2,161		—		2,161		—
Certificates of deposit	Level 2	110		—		—		110		110		—		—
Foreign government bonds	Level 2	40		1		—		41		—		41		—

Money market funds	Level 1	7,830		—		—		7,830		7,830		—		—
Publicly-held equity securities (1) (2)	Level 1							17,726		—		12,886		4,840
Total		$	47,182	$	174	$	(6)	$	65,076	$	8,285	$	51,951	$	4,840

(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 balance as of January 25, 2026 includes $10.5 billion of investments which are subject to short-term lock-up restrictions on the ability to sell.

(2) The long-term portion of marketable equity securities, which are subject to lock-up restrictions through December 2027 of $4.8 billion as of January 25, 2026, is included in other assets.

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 $6.6 billion for fiscal year 2026. Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for fiscal years 2025 and 2024.

Net realized gains on investments in publicly-held equity securities sold were not significant for fiscal years 2026, 2025, and 2024, 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.


	Jan 26, 2025
	Pricing Category	Cost or 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
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		—

Money market funds	Level 1	3,760		—		—		3,760		3,760		—
Publicly-held equity securities	Level 1							381		—		381
Total		$	42,062	$	100	$	(56)	$	42,487	$	7,866	$	34,621

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 25, 2026				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	$	10,666	$	(3)	$	6,315	$	(22)
Corporate debt securities	1,332		(3)		5,291		(29)
Debt securities issued by U.S. government agencies	1,134		—		816		(5)
Total	$	13,132	$	(6)	$	12,422	$	(56)

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater as of January 25, 2026 and January 26, 2025 were not significant. Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.