The following is a summary of available-for-sale marketable debt securities recorded within short-term and long-term investments on the condensed consolidated balance sheets (in thousands):


	As of
	May 2, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments
Commercial paper	$	181,518	$	—	$	(1)	$	181,517
Corporate notes and bonds	564,732		557		(1,235)		564,054
U.S. government, agency securities, and municipal securities	317,096		163		(425)		316,834
Total investments	$	1,063,346	$	720	$	(1,661)	$	1,062,405


	As of
	January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments
Commercial paper	$	137,590	$	—	$	—	$	137,590
Corporate notes and bonds	486,144		1,849		(148)		487,845
U.S. government and agency securities	292,236		507		(52)		292,691
Total investments	$	915,970	$	2,356	$	(200)	$	918,126

The Company included $6.9 million and $6.5 million of accrued interest receivable in “Prepaid expenses and other current assets” on the condensed consolidated balance sheets as of May 2, 2026 and January 31, 2026, respectively. The Company did not recognize an allowance for credit losses against accrued interest receivable as of May 2, 2026 and January 31, 2026 because such potential losses were not material.

For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell any of the securities and considers it more likely than not that these securities will be held until recovery of their cost basis. The unrealized losses are attributable to changes in interest rates and market conditions and are not the result of credit deterioration of the underlying issuers. Accordingly, the Company did not recognize an allowance for credit losses on these securities as of May 2, 2026 and January 31, 2026.

As of May 2, 2026, the estimated fair values of available-for-sale marketable debt securities, by remaining contractual maturity, are as follows (in thousands):

Concentrations of Credit Risk—The Company maintains its investments in marketable debt securities with high-quality financial institutions with investment-grade ratings.