v3.26.1
Investments (Tables)
 12 Months Ended
Jul. 25, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Investments
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 LevelCost or Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value		Cash equivalentsInvestments
U.S. government securitiesLevel 2$1,627 $1 $(15)$1,613 $— $1,613 
U.S. government agency securities Level 241 — — 41 — 41 
Non-U.S. government and agency securitiesLevel 2452 — (1)451 126 325 
Corporate debt securitiesLevel 22,493 1 (48)2,446 45 2,401 
Mortgage- and asset-backed securitiesLevel 2156 — (4)152 — 152 
Commercial paperLevel 23,285 — — 3,285 533 2,752 
Certificates of depositLevel 21,080 — — 1,080 25 1,055 
Money market fundsLevel 14,868 — — 4,868 4,868 — 
Marketable equity securitiesLevel 1361 — 361 
Total$14,002 $2 $(68)$14,297 $5,597 $8,700 
July 26, 2025
Reported as
Fair Value LevelCost or Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value		Cash equivalentsInvestmentsOther current assets
U.S. government securitiesLevel 2$1,971 $2 $(12)$1,961 $— $1,961 $— 
U.S. government agency securities Level 267 — — 67 — 67 — 
Non-U.S. government and agency securitiesLevel 2458 — — 458 — 458 — 
Corporate debt securitiesLevel 23,139 13 (61)3,091 1 3,090 — 
Mortgage- and asset-backed securitiesLevel 2320 — (34)286 — 286 — 
Commercial paperLevel 21,286 — — 1,286 336 950 — 
Certificates of depositLevel 2569 — — 569 — 569 — 
Money market fundsLevel 16,448 — — 6,448 5,885 — 563 
Marketable equity securitiesLevel 1383 — 383 — 
Total$14,258 $15 $(107)$14,549 $6,222 $7,764 $563 
Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Gross realized gains$14 $10 $7 
Gross realized losses(28)(110)(74)
Total$(14)$(100)$(67)
Available-for-Sale Investments with Gross Unrealized Losses
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, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,449 $(15)$52 $— $1,501 $(15)
U.S. government agency securities38 — — — 38 — 
Non-U.S. government and agency securities227 (1)— — 227 (1)
Corporate debt securities1,549 (20)547 (2)2,096 (22)
Mortgage- and asset-backed securities129 (1)20 (3)149 (4)
Commercial paper99 — — — 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, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,076 $(6)$302 $(6)$1,378 $(12)
U.S. government agency securities8 — 21 — 29 — 
Non-U.S. government and agency securities292 — — — 292 — 
Corporate debt securities106 — 1,800 (35)1,906 (35)
Mortgage- and asset-backed securities5 — 279 (34)284 (34)
Commercial paper30 — — — 30 — 
Total$1,517 $(6)$2,402 $(75)$3,919 $(81)
Maturities of Fixed Income Securities
The following table summarizes the maturities of our available-for-sale debt investments as of July 25, 2026 (in millions): 
Amortized CostFair Value
Within 1 year$5,217 $5,190 
After 1 year through 5 years2,937 2,904 
After 5 years through 10 years95 93 
Mortgage- and asset-backed securities with no single maturity156 152 
Total$8,405 $8,339 
Equity Securities without Readily Determinable Fair Value
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, 2026July 26, 2025
Initial cost of non-marketable equity securities measured under the measurement alternative$1,106 $975 
Cumulative upward adjustments893 195 
Cumulative downward adjustments, including impairments(637)(597)
Non-marketable equity securities under measurement alternative1,362 573 
Restricted equity securities731 — 
Consolidated investments857 508 
Non-marketable equity securities under NAV, equity method and other1,080 840 
Total$4,030 $1,921 
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 EndedJuly 25, 2026July 26, 2025July 27, 2024
Upward adjustments$698 $11 $1 
Downward adjustments, including impairments(19)(77)(166)
Net adjustments$679 $(66)$(165)