As of October 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,431	$	10	$	0	$	1,441
U.S. treasury securities	168		2		0		170
Mortgage-backed obligations	33		0		(1)		32
Asset-backed securities	642		3		0		645
Municipal securities	26		0		0		26

Commercial paper	18		0		0		18

Covered bonds	1		0		0		1
Other	12		0		0		12
Total marketable securities	$	2,331	$	15	$	(1)	$	2,345

As of January 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,574	$	6	$	(23)	$	2,557
U.S. treasury securities	546		0		(4)		542
Mortgage-backed obligations	128		0		(6)		122
Asset-backed securities	1,218		3		(4)		1,217
Municipal securities	108		0		(1)		107
Commercial paper	506		0		0		506

Covered bonds	29		0		(2)		27
Other	106		0		0		106
Total marketable securities	$	5,215	$	9	$	(40)	$	5,184

The contractual maturities of the investments classified as marketable securities were as follows (in millions):


	As of
	October 31, 2025		January 31, 2025
Due within 1 year	$	462	$	2,081
Due in 1 year through 5 years	1,882		3,098
Due in 5 years through 10 years	1		5
	$	2,345	$	5,184

Interest income from marketable securities was $139 million and $145 million for the three months ended October 31, 2025 and 2024, respectively, and $457 million and $522 million for the nine months ended October 31, 2025 and 2024, respectively, and is included in other income in the condensed consolidated statements of operations.

Strategic investments by form and measurement category as of October 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	68	$	6,120	$	178	$	6,366
Other investments	0		0		44		44
Balance as of October 31, 2025	$	68	$	6,120	$	222	$	6,410

Strategic investments by form and measurement category as of January 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	69	$	4,617	$	125	$	4,811
Other investments	0		0		41		41
Balance as of January 31, 2025	$	69	$	4,617	$	166	$	4,852

The Company holds investments in, or management agreements with, variable interest entities (“VIEs”) which the Company does not consolidate because it is not considered the primary beneficiary of these entities. The carrying value of VIEs within strategic investments was $281 million and $484 million, as of October 31, 2025 and January 31, 2025, respectively.

The components of gains (losses) on strategic investments, net were as follows (in millions):


3	Three Months Ended October 31,				Nine Months Ended October 31,
	2025		2024		2025		2024
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	0	$	8	$	(3)	$	(11)
Unrealized gains recognized on privately held equity securities, net	428		18		488		167
Impairments on privately held equity securities and other investments	(169)		(242)		(302)		(432)
Unrealized gains (losses), net	259		(216)		183		(276)
Realized gains (losses) on sales of securities, net	4		(1)		23		59

Gains (losses) on strategic investments, net	$	263	$	(217)	$	206	$	(217)

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $456 million and $22 million and impairments and downward adjustments of $190 million and $245 million for the three months ended October 31, 2025 and 2024, respectively, and upward adjustments of $490 million and $182 million and impairments and downward adjustments of $335 million and $435 million for the nine months ended October 31, 2025 and 2024, respectively.