As of April 30, 2026, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,467	$	3	$	(3)	$	1,467
U.S. treasury securities	673		1		(1)		673
Mortgage-backed obligations	33		0		(1)		32
Asset-backed securities	550		1		0		551
Municipal securities	29		0		0		29

Commercial paper	94		0		0		94

Covered bonds	1		0		0		1
Other	55		0		0		55
Total marketable securities	$	2,902	$	5	$	(5)	$	2,902

As of January 31, 2026, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,343	$	10	$	0	$	1,353
U.S. treasury securities	168		2		0		170
Mortgage-backed obligations	32		0		(1)		31
Asset-backed securities	618		4		0		622
Municipal securities	17		0		0		17
Commercial paper	30		0		0		30

Covered bonds	1		0		0		1
Other	14		0		0		14
Total marketable securities	$	2,223	$	16	$	(1)	$	2,238

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


	As of
	April 30, 2026		January 31, 2026
Due within 1 year	$	1,060	$	460
Due in 1 year through 5 years	1,841		1,777
Due in 5 years through 10 years	1		1
	$	2,902	$	2,238

Interest income from marketable securities for three months ended April 30, 2026 and 2025, was $109 million and $169 million, respectively, and is included in other income in the condensed consolidated statements of operations.

Strategic investments by form and measurement category as of April 30, 2026 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	3	$	7,612	$	117	$	7,732
Other investments	0		0		40		40
Balance as of April 30, 2026	$	3	$	7,612	$	157	$	7,772

Strategic investments by form and measurement category as of January 31, 2026 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	5	$	7,415	$	127	$	7,547
Other investments	0		0		44		44
Balance as of January 31, 2026	$	5	$	7,415	$	171	$	7,591

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


1	Three Months Ended April 30,
		2026		2025
Unrealized gains (losses) recognized on publicly traded equity securities, net		$	(1)	$	(16)
Unrealized gains recognized on privately held equity securities, net		328		7
Impairments on privately held equity securities and other investments		(119)		(47)
Unrealized gains (losses), net		208		(56)
Realized gains (losses) on sales of securities, net		350		(7)

Gains (losses) on strategic investments, net		$	558	$	(63)

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 $330 million and $21 million and impairments and downward adjustments of $112 million and $60 million for the three months ended April 30, 2026 and 2025, respectively.