The Company has strategic investments in equity and other securities as well as immaterial investments in fixed income debt securities that are recorded as long-term investments in the Condensed Consolidated Statements of Financial Position. As of May 1, 2026 and January 30, 2026, total investments were $2.5 billion and $1.7 billion, respectively.

Equity and other securities include strategic investments in marketable and non-marketable securities. Investments in marketable securities are measured at fair value on a recurring basis. Investments in non-marketable equity and other securities primarily represent early-stage companies without readily determinable fair values. The Company has elected to apply the measurement alternative for non-marketable securities which allows investments without readily determinable fair values to be measured at cost, less impairment, adjusted for observable price changes. The Company makes a separate election to apply the measurement alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative. In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.

The following table presents the carrying value of the Company's strategic investments in marketable and non-marketable equity and other securities as of the dates indicated:


	May 1, 2026		January 30, 2026

	(in millions)
Marketable	$	77	$	77
Non-marketable	2,394		1,640
Total equity and other securities	$	2,471	$	1,717

The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated:


	Three Months Ended
		May 1, 2026		May 2, 2025

		(in millions)
Marketable securities:
Net unrealized losses		$	(24)	$	(1)
Non-marketable securities:
Unrealized gains		681		22
Unrealized losses		(26)		(6)
Net unrealized gains (a)		655		16
Net unrealized gains on equity and other securities		$	631	$	15

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(a)During the three months ended May 1, 2026, net unrealized gains on non-marketable securities was primarily attributable to an upward observable price adjustment of $0.6 billion related to a single investee.

As of May 1, 2026 and January 30, 2026, the cumulative unrealized gains on non-marketable securities were $1.8 billion and $1.1 billion, respectively. As of both May 1, 2026 and January 30, 2026, the cumulative unrealized losses, including impairments, on non-marketable securities were $0.3 billion.