
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	2,577,707	$	23	$	(10,470)	$	2,567,260
U.S. agency obligations	543,065		283		(2,742)		540,606
Corporate bonds	1,649,860		652		(14,982)		1,635,530
Commercial paper	1,184,789		1		—		1,184,790
Total debt securities	$	5,955,421	$	959	$	(28,194)	$	5,928,186
Included in Cash and cash equivalents	$	763,088	$	—	$	(1)	$	763,087
Included in Marketable securities	$	5,192,333	$	959	$	(28,193)	$	5,165,099


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	2,455,739	$	77	$	(6,765)	$	2,449,051
U.S. agency obligations	325,664		—		(3,874)		321,790
Corporate bonds	966,801		1,617		(6,715)		961,703
Commercial paper	1,016,641		—		(5)		1,016,636
Total debt securities	$	4,764,845	$	1,694	$	(17,359)	$	4,749,180
Included in Cash and cash equivalents	$	594,864	$	—	$	(1)	$	594,863
Included in Marketable securities	$	4,169,980	$	1,694	$	(17,357)	$	4,154,317

We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents.

As of July 31, 2023, and January 31, 2023, the fair value of debt securities in an unrealized loss position was $4.1 billion and $3.1 billion, respectively, the majority of which had been in a continuous unrealized loss position for less than 12 months. We did not recognize any credit or non-credit related losses related to our debt securities during the periods presented.

We sold $6 million and $18 million of debt securities during the three and six months ended July 31, 2023, respectively. We sold $28 million of debt securities during the three and six months ended July 31, 2022. The realized gains and losses from the sales were immaterial.


	Condensed Consolidated Balance Sheets Location	July 31, 2023		January 31, 2023
Money market funds	Cash and cash equivalents	$	447,869	$	902,226

Non-marketable equity investments measured using the measurement alternative	Other assets	261,506		261,922
Marketable equity investments	Marketable securities	56,302		80,766
Total equity investments		$	765,677	$	1,244,914


	Three Months Ended July 31,				Six Months Ended July 31,
	2023		2022		2023		2022
Net realized gains (losses) recognized on equity investments sold (1)	$	2,421	$	95	$	1,099	$	1,154
Net unrealized gains (losses) recognized on equity investments held as of the end of the period	(1,583)		(16,511)		(8,275)		(24,999)
Total net gains (losses) recognized in Other income (expense), net	$	838	$	(16,416)	$	(7,176)	$	(23,845)

(1)Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the period.

Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in thousands):


	July 31, 2023		January 31, 2023
Total initial cost	$	218,833	$	206,833
Cumulative net unrealized gains (losses)	42,673		55,089
Carrying value	$	261,506	$	261,922

During the three months ended July 31, 2023, we recorded impairment losses of $10 million to the carrying value of non-marketable equity investments. During the three months ended July 31, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $3 million and no material impairment losses.

During the six months ended July 31, 2023, we recorded impairment losses of $12 million to the carrying value of non-marketable equity investments. During the six months ended July 31, 2022, we recorded upward adjustments to the carrying value of non-marketable equity investments of $6 million and impairment losses of $14 million.

We hold marketable equity investments with readily determinable fair values over which we do not own a controlling interest or exercise significant influence. The carrying values for our marketable equity investments are summarized below (in thousands):


	July 31, 2023		January 31, 2023
Total initial cost	$	24,801	$	38,449
Cumulative net unrealized gains (losses)	31,501		42,317
Carrying value	$	56,302	$	80,766

During the three months ended July 31, 2023, we sold marketable equity investments for proceeds of $20 million and net realized gains of $2 million. We did not sell any marketable equity investments during the three months ended July 31, 2022. During the six months ended July 31, 2023, and 2022, we sold marketable equity investments for proceeds of $30 million and $5 million, respectively, with corresponding net realized gains of $1 million and $1 million, respectively.

During the three months ended July 31, 2023, and 2022, we recorded unrealized net gains of $8 million and net losses of $20 million, respectively, on marketable equity investments held as of the end of each period. During the six months ended July 31, 2023, and 2022, we recorded unrealized net gains of $4 million and net losses of $17 million, respectively, on marketable equity investments held as of the end of each period.