At April 30, 2024, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	3,751	$	2	$	(54)	$	3,699
U.S. treasury securities	552		0		(11)		541
Mortgage-backed obligations	272		0		(10)		262
Asset-backed securities	1,655		1		(11)		1,645
Municipal securities	137		0		(3)		134

Commercial paper	1,223		0		0		1,223

Covered bonds	72		0		(3)		69
Other	140		1		(2)		139
Total marketable securities	$	7,802	$	4	$	(94)	$	7,712

At January 31, 2024, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	3,014	$	9	$	(45)	$	2,978
U.S. treasury securities	583		0		(8)		575
Mortgage-backed obligations	244		1		(9)		236
Asset-backed securities	1,381		5		(7)		1,379
Municipal securities	139		0		(3)		136
Commercial paper	213		0		0		213

Covered bonds	81		0		(3)		78
Other	127		1		(1)		127
Total marketable securities	$	5,782	$	16	$	(76)	$	5,722

The contractual maturities of the investments classified as marketable securities were as follows (in millions):


	As of
	April 30, 2024		January 31, 2024
Due within 1 year	$	4,092	$	2,523
Due in 1 year through 5 years	3,613		3,180
Due in 5 years through 10 years	7		19
	$	7,712	$	5,722

Strategic investments by form and measurement category as of April 30, 2024 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	83	$	4,629	$	133	$	4,845
Debt securities and other investments	0		0		133		133
Balance as of April 30, 2024	$	83	$	4,629	$	266	$	4,978

Strategic investments by form and measurement category as of January 31, 2024 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	80	$	4,557	$	130	$	4,767
Debt securities and other investments	0		0		81		81
Balance as of January 31, 2024	$	80	$	4,557	$	211	$	4,848

The Company holds investments in, or management agreements with, VIEs which the Company does not consolidate because it is not considered the primary beneficiary of these entities. The carrying value of VIEs within strategic investments was $436 million and $382 million, as of April 30, 2024 and January 31, 2024, respectively.

The components of gains and losses on strategic investments were as follows (in millions):


1	Three Months Ended April 30,
		2024		2023
Unrealized gains recognized on publicly traded equity securities, net		$	3	$	0
Unrealized gains recognized on privately held equity securities, net		105		38
Impairments on privately held equity and debt securities		(130)		(177)
Unrealized losses, net		(22)		(139)
Realized gains (losses) on sales of securities, net		59		(2)

Gains (losses) on strategic investments, net		$	37	$	(141)

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $116 million and $46 million and impairments and downward adjustments of $139 million and $175 million for the three months ended April 30, 2024 and 2023, respectively.