The following tables summarize the amortized cost, unrealized gains and losses, and fair value of our available-for-sale debt securities (in millions):


	July 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	123	$	—	$	—	$	123



Total available-for-sale cash equivalents	$	123	$	—	$	—	$	123

Investments:

Commercial paper	$	10	$	—	$	—	$	10
Corporate debt securities	4,241		8		(32)		4,217
U.S. government and agency securities	70		—		—		70
Non-U.S. government and agency securities	21		—		—		21
Asset-backed securities	910		2		(3)		909
Total available-for-sale investments	$	5,252	$	10	$	(35)	$	5,227


	July 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:

Commercial paper	$	169	$	—	$	—	$	169



Total available-for-sale cash equivalents	$	169	$	—	$	—	$	169

Investments:

Commercial paper	$	15	$	—	$	—	$	15
Corporate debt securities	4,588		47		(1)		4,634
U.S. government and agency securities	170		—		—		170
Non-U.S. government and agency securities	29		—		—		29
Asset-backed securities	1,328		9		—		1,337
Total available-for-sale investments	$	6,130	$	56	$	(1)	$	6,185

Unrealized losses related to our available-for-sale debt securities are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our available-for-sale debt securities during the years ended July 31, 2026 and 2025.

The following table summarizes the amortized cost and fair value of our available-for-sale debt securities as of July 31, 2026, by contractual years-to-maturity (in millions):


	Amortized Cost		Fair Value
Due within one year	$	514	$	515
Due between one and three years	1,805		1,807
Due between three and five years	2,754		2,727
Due between five and ten years	143		143
Due after ten years	159		158
Total	$	5,375	$	5,350

Marketable equity securities consist of money market funds and are included in cash and cash equivalents on our consolidated balance sheets. As of July 31, 2026 and 2025, the carrying values of our marketable equity securities were $1.5 billion and $1.2 billion, respectively. There were no unrealized gains or losses recognized for these securities during the years ended July 31, 2026, 2025, and 2024.