As of July 31, 2026, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,570	$	1	$	(7)	$	1,564
U.S. treasury securities	743		0		(3)		740
Mortgage-backed obligations	36		0		(1)		35
Asset-backed securities	563		0		(1)		562
Municipal securities	18		0		0		18

Commercial paper	104		0		0		104


Other	70		0		0		70
Total marketable securities	$	3,104	$	1	$	(12)	$	3,093

As of January 31, 2026, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,343	$	10	$	0	$	1,353
U.S. treasury securities	168		2		0		170
Mortgage-backed obligations	32		0		(1)		31
Asset-backed securities	618		4		0		622
Municipal securities	17		0		0		17
Commercial paper	30		0		0		30


Other	15		0		0		15
Total marketable securities	$	2,223	$	16	$	(1)	$	2,238

The contractual maturities of the investments classified as marketable securities were as follows (in millions):


	As of
	July 31, 2026		January 31, 2026
Due within 1 year	$	1,202	$	460
Due in 1 year through 5 years	1,890		1,777
Due in 5 years through 10 years	1		1
	$	3,093	$	2,238

Interest income from marketable securities for the three months ended July 31, 2026 and 2025 was $97 million and $150 million, respectively, and $206 million and $319 million for the six months ended July 31, 2026 and 2025, respectively. The amounts are included in other income in the condensed consolidated statements of operations.

Strategic investments by form and measurement category as of July 31, 2026 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	0	$	11,169	$	123	$	11,292
Other investments	0		0		32		32
Balance as of July 31, 2026	$	0	$	11,169	$	155	$	11,324

Strategic investments by form and measurement category as of January 31, 2026 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	5	$	7,415	$	127	$	7,547
Other investments	0		0		44		44
Balance as of January 31, 2026	$	5	$	7,415	$	171	$	7,591

The components of gains (losses) on strategic investments, net were as follows (in millions):


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	0	$	13	$	(1)	$	(3)
Unrealized gains recognized on privately held equity securities, net	2,894		53		3,222		60
Impairments on privately held equity securities and other investments	(285)		(86)		(404)		(133)
Unrealized gains (losses), net	2,609		(20)		2,817		(76)
Realized gains on sales of securities, net	4		26		354		19

Gains (losses) on strategic investments, net	$	2,613	$	6	$	3,171	$	(57)

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $2.9 billion and $13 million and impairments and downward adjustments of $296 million and $85 million for the three months ended July 31, 2026 and 2025, respectively, and upward adjustments of $3.2 billion and $34 million and impairments and downward adjustments of $408 million and $145 million for the six months ended July 31, 2026 and 2025, respectively. Upward adjustments for the three and six months ended July 31, 2026 include unrealized gains of $2.7 billion and $3.0 billion, respectively, related to the Company’s investment in Anthropic.