At July 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,671	$	8	$	(6)	$	2,673
U.S. treasury securities	527		1		(2)		526
Mortgage-backed obligations	145		0		(4)		141
Asset-backed securities	1,190		3		(1)		1,192
Municipal securities	68		0		0		68

Commercial paper	255		0		0		255

Covered bonds	20		0		(1)		19
Other	133		0		0		133
Total marketable securities	$	5,009	$	12	$	(14)	$	5,007

At January 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,574	$	6	$	(23)	$	2,557
U.S. treasury securities	546		0		(4)		542
Mortgage-backed obligations	128		0		(6)		122
Asset-backed securities	1,218		3		(4)		1,217
Municipal securities	108		0		(1)		107
Commercial paper	506		0		0		506

Covered bonds	29		0		(2)		27
Other	106		0		0		106
Total marketable securities	$	5,215	$	9	$	(40)	$	5,184

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


	As of
	July 31, 2025		January 31, 2025
Due within 1 year	$	1,527	$	2,081
Due in 1 year through 5 years	3,471		3,098
Due in 5 years through 10 years	9		5
	$	5,007	$	5,184

Interest income from marketable securities was $150 million and $181 million for the three months ended July 31, 2025 and 2024, respectively, and $319 million and $377 million for the six months ended July 31, 2025 and 2024, respectively, and is included in other income in the condensed consolidated statements of operations.

Strategic investments by form and measurement category as of July 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	84	$	4,775	$	181	$	5,040
Other investments	0		0		45		45
Balance as of July 31, 2025	$	84	$	4,775	$	226	$	5,085

Strategic investments by form and measurement category as of January 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	69	$	4,617	$	125	$	4,811
Other investments	0		0		41		41
Balance as of January 31, 2025	$	69	$	4,617	$	166	$	4,852

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 $571 million and $484 million, as of July 31, 2025 and January 31, 2025, respectively.

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


2	Three Months Ended July 31,				Six Months Ended July 31,
	2025		2024		2025		2024
Unrealized gains (losses) recognized on publicly traded equity securities, net	$	13	$	(22)	$	(3)	$	(19)
Unrealized gains recognized on privately held equity securities, net	53		44		60		149
Impairments on privately held equity securities and other investments	(86)		(60)		(133)		(190)
Unrealized losses, net	(20)		(38)		(76)		(60)
Realized gains on sales of securities, net	26		1		19		60

Gains (losses) on strategic investments, net	$	6	$	(37)	$	(57)	$	0

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 $13 million and $44 million and impairments and downward adjustments of $85 million and $51 million for the three months ended July 31, 2025 and 2024, respectively, and upward adjustments of $34 million and $160 million and impairments of $145 million and $190 million for the six months ended July 31, 2025 and 2024, respectively.