
	Apr 27, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
									Cash Equivalents		Marketable Securities

	(In millions)
Debt securities issued by the U.S. Treasury	$	23,135	$	120	$	(4)	$	23,251	$	5,414	$	17,837
Corporate debt securities	19,976		85		(10)		20,051		2,868		17,183
Money market funds	6,522		—		—		6,522		6,522		—
Debt securities issued by U.S. government agencies	2,134		12		(1)		2,145		—		2,145
Certificates of deposit	126		—		—		126		126		—
Foreign government bonds	40		1		—		41		—		41
Total debt securities with fair value adjustments recorded in other comprehensive income	51,933		218		(15)		52,136		14,930		37,206
Publicly-held equity securities (1)							1,251		—		1,251
Total	$	51,933	$	218	$	(15)	$	53,387	$	14,930	$	38,457

(1) The balance as of the first quarter of fiscal year 2026 includes an investment in CoreWeave, Inc., or CoreWeave, which was reclassified from non-marketable equity securities to marketable securities following public market trading. The fair value of the investment as of April 27, 2025 was $1 billion and is subject to a short-term restriction on the ability to sell.

Net unrealized losses on investments in publicly-held equity securities held at period end were $222 million for the first quarter of fiscal year 2026. Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for the first quarter of fiscal year 2025.


	Jan 26, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value		Reported as
									Cash Equivalents		Marketable Securities

	(In millions)
Corporate debt securities	$	18,504	$	51	$	(29)	$	18,526	$	2,071	$	16,455
Debt securities issued by the U.S. Treasury	16,749		42		(22)		16,769		1,801		14,968
Money market funds	3,760		—		—		3,760		3,760		—
Debt securities issued by U.S. government agencies	2,775		7		(5)		2,777		—		2,777
Foreign government bonds	177		—		—		177		137		40
Certificates of deposit	97		—		—		97		97		—
Total debt securities with fair value adjustments recorded in other comprehensive income	42,062		100		(56)		42,106		7,866		34,240
Publicly-held equity securities							381		—		381
Total	$	42,062	$	100	$	(56)	$	42,487	$	7,866	$	34,621

The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:


	Apr 27, 2025				Jan 26, 2025
	Less than 12 Months					Less than 12 Months
	Estimated Fair Value		Gross Unrealized Loss				Estimated Fair Value		Gross Unrealized Loss

	(In millions)
Debt securities issued by the U.S. Treasury	$	6,854	$	(4)			$	6,315	$	(22)
Corporate debt securities	2,775		(10)				5,291		(29)
Debt securities issued by U.S. government agencies	321		(1)				816		(5)
Total	$	9,950	$	(15)			$	12,422	$	(56)

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater of $66 million and $213 million as of April 27, 2025 and January 26, 2025, respectively, were not significant.

The amortized cost and estimated fair value of debt securities included in cash equivalents and marketable securities are shown below by contractual maturity.


	Apr 27, 2025				Jan 26, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

	(In millions)
Less than one year	$	25,756	$	25,781	$	18,426	$	18,450
Due in 1 - 5 years	26,177		26,355		23,636		23,656
Total	$	51,933	$	52,136	$	42,062	$	42,106