v3.25.1
Fair Value of Financial Assets and Non-marketable Equity Securities
 3 Months Ended
Apr. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Non-marketable Equity Securities Fair Value of Financial Assets and Non-marketable Equity Securities
The fair values of our financial assets are determined using quoted market prices of identical assets or market prices of similar assets from active markets. We review fair value classification on a quarterly basis.
Pricing CategoryFair Value at
Apr 27, 2025Jan 26, 2025
(In millions)
Assets
Cash equivalents and marketable securities:
Money market fundsLevel 1$6,522 $3,760 
Publicly-held equity securitiesLevel 1$1,251 $381 
Debt securities issued by the U.S. TreasuryLevel 2$23,251 $16,769 
Corporate debt securitiesLevel 2$20,051 $18,526 
Debt securities issued by U.S. government agenciesLevel 2$2,145 $2,777 
Certificates of depositLevel 2$126 $97 
Foreign government bondsLevel 2$41 $177 
Non-marketable Equity Securities
Our non-marketable equity securities are recorded in long-term other assets on our Condensed Consolidated Balance Sheets and valued under the measurement alternative. Gains and losses on these investments, realized and unrealized, are recognized in Other income (expense), net on our Condensed Consolidated Statements of Income.
Adjustments to the carrying value of our non-marketable equity securities during the first quarter of fiscal years 2026 and 2025 were as follows:
Three Months Ended
Apr 27, 2025Apr 28, 2024
(In millions)
Balance at beginning of period$3,387 $1,321 
Adjustments related to non-marketable equity securities:
Net additions649 127 
Unrealized gains63 15 
Reclassification (1)
(843)— 
Impairments and unrealized losses(16)— 
Balance at end of period$3,240 $1,463 
(1)    In the first quarter of fiscal year 2026, our investment in CoreWeave was reclassified from non-marketable equity securities to marketable securities following public market trading.
Non-marketable equity securities had cumulative gross unrealized gains of $396 million and $285 million, and cumulative gross unrealized losses and impairments of $110 million and $45 million on securities held as of April 27, 2025 and April 28, 2024, respectively.