Cash equivalents and marketable securities including debt and equity securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) or for similar assets or use of other observable inputs (Level 2).


	Jul 26, 2026
	Pricing Category	Cost or Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
										Cash Equivalents		Marketable Debt Securities		Marketable Equity Securities		Other Assets

	(In millions)
Debt securities issued by the U.S. Treasury	Level 2	$	45,367	$	8	$	(54)	$	45,321	$	12,318	$	33,003	$	—	$	—

Debt securities issued by U.S. government agencies	Level 2	1,541		—		(2)		1,539		399		1,140		—		—


Money market funds	Level 1	8,633		—		—		8,633		8,633		—		—		—
Publicly-held equity securities (1) (2)	Level 1							36,934		—		—		31,977		4,957
Publicly-held equity securities (1) (3)	Level 2							10,806		—		—		10,806		—
Total		$	55,541	$	8	$	(56)	$	103,233	$	21,350	$	34,143	$	42,783	$	4,957

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $5.0 billion as of July 26, 2026, was included in Other assets.

Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $1.5 billion and $12.5 billion for the second quarter and first half of fiscal year 2027, respectively. Net unrealized gains on investments in publicly-held equity securities held at period end were $1.9 billion and $1.7 billion for the second quarter and first half of fiscal year 2026, respectively.


	Jan 25, 2026
	Pricing Category	Cost or Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
										Cash Equivalents		Marketable Debt Securities		Marketable Equity Securities		Other Assets

	(In millions)
Debt securities issued by the U.S. Treasury	Level 2	$	21,635	$	77	$	(3)	$	21,709	$	—	$	21,709	$	—	$	—
Corporate debt securities	Level 2	15,410		92		(3)		15,499		345		15,154		—		—
Debt securities issued by U.S. government agencies	Level 2	2,157		4		—		2,161		—		2,161		—		—
Certificates of deposit	Level 2	110		—		—		110		110		—		—		—
Foreign government bonds	Level 2	40		1		—		41		—		41		—		—
Money market funds	Level 1	7,830		—		—		7,830		7,830		—		—		—
Publicly-held equity securities (1) (2)	Level 1							17,726		—		—		12,886		4,840
Total		$	47,182	$	174	$	(6)	$	65,076	$	8,285	$	39,065	$	12,886	$	4,840

(2) The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $4.8 billion as of January 25, 2026, was included in Other assets.

As of July 26, 2026, and January 25, 2026, debt securities of $42.0 billion and $13.1 billion, respectively, in a continuous loss position had been so for less than 12 months, and the related unrealized losses were not significant.

As of July 26, 2026, the estimated fair values of debt securities included in cash equivalents and marketable debt securities were $46.9 billion, consisting of $41.0 billion due in less than one year and $5.9 billion due in one to five years.

Our non-marketable equity securities are primarily in privately-held companies carried at cost less impairment, and adjusted for observable price changes. We value investments using observable comparable transactions and other inputs including volatility, expected time to liquidity, the risk-free rate, and security-specific rights and obligations.


	Three Months Ended				Six Months Ended
	Jul 26, 2026		Jul 27, 2025		Jul 26, 2026		Jul 27, 2025

	(In millions)
Balance at beginning of period	$	42,336	$	3,240	$	22,251	$	3,387
Adjustments related to non-marketable equity securities:
Net additions	13,106		299		31,005		948
Unrealized gains (1)	4,900		267		7,504		330
Reclassification (2)	(12,323)		(5)		(12,712)		(848)
Impairments and unrealized losses (1)	(121)		(2)		(150)		(18)
Balance at end of period	$	47,898	$	3,799	$	47,898	$	3,799

Non-marketable equity securities had cumulative gross unrealized gains of $9.1 billion and $661 million, and cumulative gross unrealized losses and impairments of $250 million and $93 million as of July 26, 2026, and July 27, 2025, respectively.

We had $3.3 billion of investments in infrastructure financiers accounted for using the equity method as of July 26, 2026. Those equity method investments deemed to be variable interest entities, or VIEs, had a maximum loss exposure, including carrying values and future committed amounts, of $4.7 billion as of July 26, 2026. We have determined we are not the primary beneficiary of our VIE investments and, therefore, do not consolidate the VIEs in our consolidated financial statements. Income from equity method investments is recognized in Other income, net, and was not significant for the second quarter and first half of fiscal year 2027.