
April 25, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	1,716	$	2	$	(6)	$	1,712
U.S. government agency securities	41		—		—		41
Non-U.S. government and agency securities	400		—		—		400
Corporate debt securities	2,791		4		(37)		2,758
Mortgage- and asset-backed securities	211		—		(8)		203
Commercial paper	2,731		—		—		2,731
Certificates of deposit	1,335		—		—		1,335
Total	$	9,225	$	6	$	(51)	$	9,180


July 26, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value
U.S. government securities	$	1,971	$	2	$	(12)	$	1,961
U.S. government agency securities	67		—		—		67
Non-U.S. government and agency securities	458		—		—		458
Corporate debt securities	3,138		13		(61)		3,090
Mortgage- and asset-backed securities	320		—		(34)		286
Commercial paper	950		—		—		950
Certificates of deposit	569		—		—		569
Total	$	7,473	$	15	$	(107)	$	7,381


	Three Months Ended				Nine Months Ended
	April 25, 2026		April 26, 2025		April 25, 2026		April 26, 2025
Gross realized gains	$	3	$	1	$	14	$	9
Gross realized losses	(3)		(31)		(22)		(84)
Total	$	—	$	(30)	$	(8)	$	(75)

The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at April 25, 2026 and July 26, 2025 (in millions):


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
April 25, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	1,004	$	(5)	$	185	$	(1)	$	1,189	$	(6)
U.S. government agency securities	7		—		—		—		7		—
Non-U.S. government and agency securities	263		—		—		—		263		—
Corporate debt securities	1,073		(6)		926		(5)		1,999		(11)
Mortgage- and asset-backed securities	86		—		73		(8)		159		(8)
Commercial paper	74		—		—		—		74		—
Total	$	2,507	$	(11)	$	1,184	$	(14)	$	3,691	$	(25)


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
July 26, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	1,076	$	(6)	$	302	$	(6)	$	1,378	$	(12)
U.S. government agency securities	8		—		21		—		29		—
Non-U.S. government and agency securities	292		—		—		—		292		—
Corporate debt securities	106		—		1,800		(35)		1,906		(35)
Mortgage- and asset-backed securities	5		—		279		(34)		284		(34)
Commercial paper	30		—		—		—		30		—
Total	$	1,517	$	(6)	$	2,402	$	(75)	$	3,919	$	(81)


	Amortized Cost		Fair Value
Within 1 year	$	5,919	$	5,888
After 1 year through 5 years	3,015		3,010
After 5 years through 10 years	80		79
Mortgage- and asset-backed securities with no single maturity	211		203
Total	$	9,225	$	9,180

We held marketable equity securities of $377 million and $383 million as of April 25, 2026 and July 26, 2025, respectively. We recognized net unrealized gains of $26 million and $21 million during the third quarter and first nine months of fiscal 2026, respectively, and net unrealized losses of $35 million and $6 million for the corresponding periods of fiscal 2025, respectively, on our marketable securities still held as of the reporting date.

Our non-marketable equity securities are investments in privately held entities, venture funds, and publicly traded entities that do not have readily determinable fair value (RDFV). The carrying value of these investments are summarized below (in millions):


	April 25, 2026		July 26, 2025
Initial cost of non-marketable equity securities measured under the measurement alternative	$	1,102	$	975
Cumulative upward adjustments	440		195
Cumulative downward adjustments, including impairments	(602)		(597)
Non-marketable equity securities under measurement alternative	940		573
Restricted equity securities	379		—
Consolidated investments	702		508
Non-marketable equity securities under net asset value (NAV), equity method and other	925		840
Total	$	2,946	$	1,921

Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.

Restricted equity securities are investments in publicly traded entities measured at fair value on a recurring basis. These investments are classified as Level 2 in the fair value hierarchy, as they are valued using pricing models that use observable market inputs reduced by a discount for lack of marketability (“DLOM”). The fair value of these restricted equity securities was $379 million as of April 25, 2026 and we recognized unrealized losses of $31 million for the third quarter and first nine months of fiscal 2026.

Our non-marketable equity securities classified as consolidated investments include venture funds that qualified for investment company specific accounting, the accounts of which are consolidated within our financial statements under the voting interest entity model. The noncontrolling interest attributed to these investments was $271 million and $162 million as of April 25, 2026 and July 26, 2025, respectively, and is included in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interest attributed to these investments is not material for any of the periods presented and is included in other income (loss), net in the Consolidated Statements of Operations.

Of the total carrying value of our non-marketable equity securities as of April 25, 2026, $0.9 billion of such investments are considered to be in variable interest entities which are unconsolidated.