The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities as of April 30, 2026 and July 31, 2025 (in millions):


	April 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	535	$	—	$	—	$	535
Corporate debt securities	2		—		—		2
U.S. government and agency securities	75		—		—		75

Total available-for-sale cash equivalents	$	612	$	—	$	—	$	612
Investments:

Commercial paper	$	10	$	—	$	—	$	10
Corporate debt securities	3,521		20		(10)		3,531
U.S. government and agency securities	66		—		—		66

Asset-backed securities	734		4		(1)		737
Total available-for-sale investments	$	4,331	$	24	$	(11)	$	4,344


	July 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	169	$	—	$	—	$	169



Total available-for-sale cash equivalents	$	169	$	—	$	—	$	169
Investments:

Commercial paper	$	15	$	—	$	—	$	15
Corporate debt securities	4,588		47		(1)		4,634
U.S. government and agency securities	170		—		—		170
Non-U.S. government and agency securities	29		—		—		29
Asset-backed securities	1,328		9		—		1,337
Total available-for-sale investments	$	6,130	$	56	$	(1)	$	6,185

Unrealized losses related to our available-for-sale debt securities are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the three and nine months ended April 30, 2026 and 2025.

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of April 30, 2026, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	1,073	$	1,075
Due between one and three years	1,559		1,570
Due between three and five years	2,064		2,064
Due between five and ten years	102		102
Due after ten years	145		145
Total	$	4,943	$	4,956

Marketable equity securities consist of money market funds and are included in cash and cash equivalents on our condensed consolidated balance sheets. As of April 30, 2026 and July 31, 2025, the carrying values of our marketable equity securities were $944 million and $1.2 billion, respectively. There were no unrealized gains or losses recognized for these securities during the three and nine months ended April 30, 2026 and 2025.