The following tables summarize our cash equivalents, available-for-sale debt investments and marketable equity securities measured at fair value on a recurring basis (in millions):


		July 25, 2026
										Reported as
	Fair Value Level	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value		Cash equivalents		Investments
U.S. government securities	Level 2	$	1,627	$	1	$	(15)	$	1,613	$	—	$	1,613
U.S. government agency securities	Level 2	41		—		—		41		—		41
Non-U.S. government and agency securities	Level 2	452		—		(1)		451		126		325
Corporate debt securities	Level 2	2,493		1		(48)		2,446		45		2,401
Mortgage- and asset-backed securities	Level 2	156		—		(4)		152		—		152
Commercial paper	Level 2	3,285		—		—		3,285		533		2,752
Certificates of deposit	Level 2	1,080		—		—		1,080		25		1,055
Money market funds	Level 1	4,868		—		—		4,868		4,868		—
Marketable equity securities	Level 1							361		—		361
Total		$	14,002	$	2	$	(68)	$	14,297	$	5,597	$	8,700


		July 26, 2025
										Reported as
	Fair Value Level	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized and Credit Losses		Fair Value		Cash equivalents		Investments		Other current assets
U.S. government securities	Level 2	$	1,971	$	2	$	(12)	$	1,961	$	—	$	1,961	$	—
U.S. government agency securities	Level 2	67		—		—		67		—		67		—
Non-U.S. government and agency securities	Level 2	458		—		—		458		—		458		—
Corporate debt securities	Level 2	3,139		13		(61)		3,091		1		3,090		—
Mortgage- and asset-backed securities	Level 2	320		—		(34)		286		—		286		—
Commercial paper	Level 2	1,286		—		—		1,286		336		950		—
Certificates of deposit	Level 2	569		—		—		569		—		569		—
Money market funds	Level 1	6,448		—		—		6,448		5,885		—		563
Marketable equity securities	Level 1							383		—		383		—
Total		$	14,258	$	15	$	(107)	$	14,549	$	6,222	$	7,764	$	563

The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at July 25, 2026 and July 26, 2025 (in millions):


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
July 25, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	1,449	$	(15)	$	52	$	—	$	1,501	$	(15)
U.S. government agency securities	38		—		—		—		38		—
Non-U.S. government and agency securities	227		(1)		—		—		227		(1)
Corporate debt securities	1,549		(20)		547		(2)		2,096		(22)
Mortgage- and asset-backed securities	129		(1)		20		(3)		149		(4)
Commercial paper	99		—		—		—		99		—
Total	$	3,491	$	(37)	$	619	$	(5)	$	4,110	$	(42)


	UNREALIZED LOSSES LESS THAN 12 MONTHS				UNREALIZED LOSSES 12 MONTHS OR GREATER				TOTAL
July 26, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. government securities	$	1,076	$	(6)	$	302	$	(6)	$	1,378	$	(12)
U.S. government agency securities	8		—		21		—		29		—
Non-U.S. government and agency securities	292		—		—		—		292		—
Corporate debt securities	106		—		1,800		(35)		1,906		(35)
Mortgage- and asset-backed securities	5		—		279		(34)		284		(34)
Commercial paper	30		—		—		—		30		—
Total	$	1,517	$	(6)	$	2,402	$	(75)	$	3,919	$	(81)


	Amortized Cost		Fair Value
Within 1 year	$	5,217	$	5,190
After 1 year through 5 years	2,937		2,904
After 5 years through 10 years	95		93
Mortgage- and asset-backed securities with no single maturity	156		152
Total	$	8,405	$	8,339

We held marketable equity securities of $361 million and $383 million as of July 25, 2026 and July 26, 2025, respectively. We recognized net unrealized losses of $7 million and net unrealized gains of $108 million and $71 million for fiscal 2026, 2025, and 2024, respectively, on our marketable securities still held as of the reporting date.

Our non-marketable equity securities are investments in privately held entities, venture funds, and publicly traded entities that do not have RDFV. The carrying value of these investments are summarized below (in millions):


	July 25, 2026		July 26, 2025
Initial cost of non-marketable equity securities measured under the measurement alternative	$	1,106	$	975
Cumulative upward adjustments	893		195
Cumulative downward adjustments, including impairments	(637)		(597)
Non-marketable equity securities under measurement alternative	1,362		573
Restricted equity securities	731		—
Consolidated investments	857		508
Non-marketable equity securities under NAV, equity method and other	1,080		840
Total	$	4,030	$	1,921

Our non-marketable equity securities measured using the measurement alternative are recorded to fair value on a non-recurring basis. The carrying value of these securities are adjusted for observable transactions for identical or similar investments of the same issuer or impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.

The gross upward adjustments and downward adjustments, including impairments, on our non-marketable equity securities measured under the measurement alternative are summarized below (in millions):


Years Ended	July 25, 2026		July 26, 2025		July 27, 2024
Upward adjustments	$	698	$	11	$	1
Downward adjustments, including impairments	(19)		(77)		(166)
Net adjustments	$	679	$	(66)	$	(165)

Restricted equity securities are measured at fair value on a recurring basis and are classified as Level 2 in the fair value hierarchy, as they are valued based on pricing models that use observable market inputs reduced by a DLOM. The fair value of these restricted equity securities was $731 million as of July 25, 2026, and we recognized unrealized gains of $320 million in fiscal 2026.

Our non-marketable equity securities classified as consolidated investments include venture funds that qualified for investment company specific accounting, the accounts of which are consolidated within our financial statements under the voting interest entity model. The noncontrolling interest attributed to these investments was $354 million and $162 million as of July 25, 2026 and July 26, 2025, respectively, and is included in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interest attributed to these investments is not material for any of the fiscal years presented and is included in other income (loss), net in the Consolidated Statements of Operations.

Of the total carrying value of our non-marketable equity securities as of July 25, 2026, $1.1 billion of such investments are considered to be in variable interest entities which are unconsolidated.