Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 26, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Value of Our Foreign Currency Contracts Outstanding

The table below presents the notional values of our derivatives outstanding:


	Jul 26, 2026		Jan 25, 2026

	(In millions)
Foreign currency contracts designated as accounting hedges	$	2,162	$	1,765
Not designated as accounting hedges:
Foreign currency contracts	$	2,252	$	2,332
Land, power, and shell guarantees for AI clouds (1)	$	3,529	$	3,530
Public company warrants	$	4,800	$	—
Equity forward contract	$	1,000	$	—

(1) The maximum gross exposure under all agreements is reduced as the partners make payments to the lessors over terms ranging from five to seven years. The partners have placed $712 million in escrow to partially mitigate our potential exposure, which is not reflected in the notional value.