The Company has strategic investments in equity and other securities as well as immaterial investments in fixed income debt securities that are recorded as long-term investments in the Condensed Consolidated Statements of Financial Position. As of July 31, 2026 and January 30, 2026, total investments were $2.7 billion and $1.7 billion, respectively. The total gain on investments, net is recorded as interest and other, net in the Condensed Consolidated Statements of Income and was $0.7 billion for the six months ended July 31, 2026 and immaterial for all other presented periods.

Equity and other securities include strategic investments in marketable and non-marketable securities. Investments in marketable securities are measured at fair value on a recurring basis. Investments in non-marketable equity and other securities primarily represent early-stage companies without readily determinable fair values. The Company has elected to apply the measurement alternative for non-marketable securities which allows investments without readily determinable fair values to be measured at cost, less impairment, adjusted for observable price changes. The Company makes a separate election to apply the measurement alternative for each eligible investment and is required to reassess at each reporting period whether an investment qualifies for the alternative. In evaluating these investments for impairment or observable price changes, the Company uses inputs including pre- and post-money valuations of recent financing events and the impact of those events on its fully diluted ownership percentages, as well as other available information regarding the issuer’s historical and forecasted performance.

The following table presents the carrying value of the Company's strategic investments in marketable and non-marketable equity and other securities as of the dates indicated:


	July 31, 2026		January 30, 2026

	(in millions)
Marketable	$	82	$	77
Non-marketable	2,584		1,640
Total equity and other securities	$	2,666	$	1,717

The following table presents unrealized gains and losses on marketable and non-marketable equity and other securities for the periods indicated:


	Three Months Ended				Six Months Ended
	July 31, 2026		August 1, 2025		July 31, 2026		August 1, 2025

	(in millions)
Marketable securities:
Net unrealized gains (losses)	$	13	$	—	$	(11)	$	(1)
Non-marketable securities:
Unrealized gains	—		—		681		22
Unrealized losses	(12)		(17)		(38)		(23)
Net unrealized gains (losses) (a)	(12)		(17)		643		(1)
Net unrealized gains (losses) on equity and other securities	$	1	$	(17)	$	632	$	(2)

____________________

(a)During the six months ended July 31, 2026, net unrealized gains on non-marketable securities were primarily attributable to an upward observable price adjustment of $0.6 billion related to a single investee.