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. The following is a summary of cash equivalents and marketable securities:


	Oct 26, 2025
	Pricing Category	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	Level 2	$	22,032	$	188	$	—	$	22,220	$	665	$	21,555
Corporate debt securities	Level 2	21,588		172		(1)		21,759		320		21,439
Money market funds	Level 1	8,610		—		—		8,610		8,610		—
Debt securities issued by U.S. government agencies	Level 2	2,206		12		—		2,218		—		2,218
Certificates of deposit	Level 2	104		—		—		104		104		—
Foreign government bonds	Level 2	40		1		—		41		—		41
Total debt securities with fair value adjustments recorded in other comprehensive income		54,580		373		(1)		54,952		9,699		45,253
Publicly-held equity securities (1)	Level 1							3,869		—		3,869
Total		$	54,580	$	373	$	(1)	$	58,821	$	9,699	$	49,122

(1) In the first quarter of fiscal year 2026, one investment was reclassified from non-marketable equity securities to marketable securities following public market trading.

Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $670 million and $2.4 billion for the third quarter and first nine months of fiscal year 2026, respectively. Net unrealized gains on investments in publicly-held equity securities held at period end were not significant for the third quarter and first nine months of fiscal year 2025.


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

		(In millions)
Corporate debt securities	Level 2	$	18,504	$	51	$	(29)	$	18,526	$	2,071	$	16,455
Debt securities issued by the U.S. Treasury	Level 2	16,749		42		(22)		16,769		1,801		14,968
Money market funds	Level 1	3,760		—		—		3,760		3,760		—
Debt securities issued by U.S. government agencies	Level 2	2,775		7		(5)		2,777		—		2,777
Foreign government bonds	Level 2	177		—		—		177		137		40
Certificates of deposit	Level 2	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	Level 1							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:


	Oct 26, 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	$	1,223	$	—			$	6,315	$	(22)
Corporate debt securities	899		(1)				5,291		(29)
Debt securities issued by U.S. government agencies	75		—				816		(5)
Total	$	2,197	$	(1)			$	12,422	$	(56)

Gross unrealized losses related to debt securities in a continuous loss position of twelve months or greater, with balances of $337 million and $213 million as of October 26, 2025 and January 26, 2025, respectively, were not significant.