The Company’s investments on the consolidated balance sheets include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company’s strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheets (see Equity Investments section below).


	March 31, 2025		December 31, 2024
	(in millions)
Available-for-sale securities	$	289	$	292
Held-to-maturity securities 1	30		38
Total investments	$	319	$	330

1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.

Investment income on the consolidated statements of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for the three months ended March 31, 2025 and 2024 were not material.

The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:


	March 31, 2025								December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(in millions)
Government and agency securities	$	80	$	—	$	—	$	80	$	80	$	—	$	—	$	80
Corporate securities	174		1		—		175		187		1		—		188
Asset-backed securities	34		—		—		34		24		—		—		24
Total	$	288	$	1	$	—	$	289	$	291	$	1	$	—	$	292

The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds that are denominated in the national currency of the issuing country. Corporate and asset-backed securities held at March 31, 2025 and December 31, 2024 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. The gross unrealized gains and losses on the available-for-sale securities are primarily driven by changes in interest rates and are recorded in other comprehensive income (loss).

The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at March 31, 2025 was as follows:

Included in other assets on the consolidated balance sheets are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”).


	Balance at December 31, 2024		Purchases		Sales		Changes in Fair Value 1		Other 2		Balance at March 31, 2025
	(in millions)
Marketable securities	$	237	$	—	$	—	$	(32)	$	(3)	$	202
Nonmarketable securities	1,370		7		—		3		16		1,396
Total equity investments	$	1,607	$	7	$	—	$	(29)	$	13	$	1,598


	March 31, 2025		December 31, 2024
	(in millions)
Measurement alternative	$	1,155	$	1,140
Equity method	241		230
Total Nonmarketable securities	$	1,396	$	1,370

The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through March 31, 2025:



	(in millions)
Initial cost basis	$	719
Cumulative adjustments 1:
Upward adjustments	625
Downward adjustments (including impairment)	(189)
Carrying amount, end of period	$	1,155

The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:


	Three Months Ended March 31,
		2025		2024
		(in millions)
Measurement alternative investments:
Upward adjustments		$	2	$	7
Downward adjustments (including impairment)		(3)		(3)
Marketable securities:
Unrealized gains (losses), net		(32)		7