Our cash equivalents, marketable securities, and restricted cash equivalents are classified within Level 1 or Level 2 of the fair value hierarchy because their fair values are derived from quoted market prices or alternative pricing sources and models utilizing market observable inputs. Certain other assets are classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity.

The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):


			Fair Value Measurement at Reporting Date Using
	March 31, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	14,372	$	14,372	$	—	$	—
U.S. government securities	1,867		1,867		—		—

Time deposits	504		—		504		—
Corporate debt securities	2,537		—		2,537		—
Total cash equivalents	19,280		16,239		3,041		—
Marketable securities:
U.S. government securities	30,916		30,916		—		—
U.S. government agency securities	888		888		—		—
Corporate debt securities	21,627		—		21,627		—
Marketable equity securities	4,323		4,323		—		—
Total marketable securities	57,754		36,127		21,627		—
Restricted cash equivalents	7,425		7,425		—		—
Other assets	113		—		—		113
Total	$	84,572	$	59,791	$	24,668	$	113


			Fair Value Measurement at Reporting Date Using
	December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	27,928	$	27,928	$	—	$	—
U.S. government securities	1,623		1,623		—		—

Time deposits	328		—		328		—
Corporate debt securities	1,603		—		1,603		—
Total cash equivalents	31,482		29,551		1,931		—
Marketable securities:
U.S. government securities	21,483		21,483		—		—
U.S. government agency securities	767		767		—		—
Corporate debt securities	17,477		—		17,477		—
Marketable equity securities	5,992		5,992		—		—
Total marketable securities	45,719		28,242		17,477		—
Restricted cash equivalents	2,539		2,539		—		—
Other assets	106		—		—		106
Total	$	79,846	$	60,332	$	19,408	$	106

As of March 31, 2026, our restricted cash equivalents of $7.42 billion include $5.00 billion of money market funds to be held in escrow related to a multi-year purchase agreement. These funds are restricted from general corporate use and are expected to be released upon satisfying the underlying purchase obligations. Based on the expected timing of release of restrictions, substantially all of our restricted cash equivalents were classified within other assets on our condensed consolidated balance sheet. For additional information, see Note 8 — Commitments and Contingencies.

The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of March 31, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):


	March 31, 2026
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	13,872	$	(39)	$	769	$	(9)	$	14,641	$	(48)
U.S. government agency securities	199		(1)		25		—		224		(1)
Corporate debt securities	7,756		(25)		940		(12)		8,696		(37)
Total	$	21,827	$	(65)	$	1,734	$	(21)	$	23,561	$	(86)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	1,491	$	(2)	$	1,570	$	(18)	$	3,061	$	(20)
U.S. government agency securities	17		—		25		—		42		—
Corporate debt securities	1,213		(1)		1,534		(20)		2,747		(21)
Total	$	2,721	$	(3)	$	3,129	$	(38)	$	5,850	$	(41)

As of March 31, 2026 and December 31, 2025, the gross unrealized gains on our marketable debt securities were $129 million and $300 million, respectively, and the allowance for credit losses were not material for both periods.

The net unrealized losses on our marketable equity securities were $1.57 billion and the net unrealized gains were $137 million for the three months ended March 31, 2026 and 2025, respectively. These gains and losses are recorded within interest and other income (expense), net on our condensed consolidated statements of income.