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


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,511	$	7	$	(25)	$	2,493
U.S. treasury securities	410		0		(5)		405
Mortgage-backed obligations	125		0		(6)		119
Asset-backed securities	1,018		2		(4)		1,016
Municipal securities	96		0		(1)		95

Commercial paper	527		0		0		527

Covered bonds	27		0		(1)		26
Other	79		0		0		79
Total marketable securities	$	4,793	$	9	$	(42)	$	4,760

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
	October 31, 2024		January 31, 2024
Due within 1 year	$	2,019	$	2,523
Due in 1 year through 5 years	2,740		3,180
Due in 5 years through 10 years	1		19
	$	4,760	$	5,722

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


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	72	$	4,543	$	137	$	4,752
Debt securities and other investments	0		0		93		93
Balance as of October 31, 2024	$	72	$	4,543	$	230	$	4,845

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, variable interest entities (“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 $439 million and $382 million, as of October 31, 2024 and January 31, 2024, respectively.

The components of losses on strategic investments, net were as follows (in millions):


3	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	8	$	(2)	$	(11)	$	0
Unrealized gains recognized on privately held equity securities, net	18		14		167		65
Impairments on privately held equity and debt securities	(242)		(98)		(432)		(355)
Unrealized losses, net	(216)		(86)		(276)		(290)
Realized gains (losses) on sales of securities, net	(1)		14		59		48

Losses on strategic investments, net	$	(217)	$	(72)	$	(217)	$	(242)

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 $22 million and $14 million and impairments and downward adjustments of $245 million and $98 million for the three months ended October 31, 2024 and 2023, respectively, and upward adjustments of $182 million and $65 million and impairments and downward adjustments of $435 million and $354 million for the nine months ended October 31, 2024, and 2023, respectively.