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Investments
 12 Months Ended
Jul. 29, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):
July 29, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities
$3,587 $1 $(62)$3,526 
U.S. government agency securities 428 — (5)423 
Non-U.S. government and agency securities364 — (1)363 
Corporate debt securities7,238 3 (327)6,914 
U.S. agency mortgage-backed securities2,421 14 (230)2,205 
Commercial paper1,484 — — 1,484 
Certificates of deposit677 — — 677 
Total$16,199 $18 $(625)$15,592 
July 30, 2022Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities
$1,287 $— $(49)$1,238 
U.S. government agency securities 142 — (4)138 
Non-U.S. government and agency securities272 — — 272 
Corporate debt securities8,127 2 (311)7,818 
U.S. agency mortgage-backed securities2,134 — (158)1,976 
Commercial paper255 — — 255 
Certificates of deposit250 — — 250 
Total$12,467 $2 $(522)$11,947 
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Years EndedJuly 29, 2023July 30, 2022July 31, 2021
Gross realized gains$4 $27 $55 
Gross realized losses(25)(18)(2)
Total$(21)$9 $53 
The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at July 29, 2023 and July 30, 2022 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 29, 2023Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$2,394 $(26)$931 $(36)$3,325 $(62)
U.S. government agency securities343 (2)72 (3)415 (5)
Non-U.S. government and agency securities363 (1)— — 363 (1)
Corporate debt securities1,736 (22)4,315 (275)6,051 (297)
U.S. agency mortgage-backed securities658 (13)1,438 (217)2,096 (230)
Commercial paper97 — — — 97 — 
Certificates of deposit2 — — — 2 — 
Total$5,593 $(64)$6,756 $(531)$12,349 $(595)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 30, 2022Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,110 $(44)$120 $(5)$1,230 $(49)
U.S. government agency securities114 (2)24 (2)138 (4)
Non-U.S. government and agency securities264 — — — 264 — 
Corporate debt securities6,920 (240)422 (37)7,342 (277)
U.S. agency mortgage-backed securities1,305 (96)615 (62)1,920 (158)
Total$9,713 $(382)$1,181 $(106)$10,894 $(488)
The following table summarizes the maturities of our available-for-sale debt investments as of July 29, 2023 (in millions): 
Amortized CostFair Value
Within 1 year$5,510 $5,462 
After 1 year through 5 years8,197 7,856 
After 5 years through 10 years69 67 
After 10 years2 2 
Mortgage-backed securities with no single maturity2,421 2,205 
Total$16,199 $15,592 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Summary of Equity Investments
We held marketable equity securities of $431 million and $241 million as of July 29, 2023 and July 30, 2022, respectively. We recognized a net unrealized gain of $36 million during fiscal 2023 and a net unrealized loss of $38 million during fiscal 2022 on our marketable securities still held as of the reporting date. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net loss of $8 million and a net gain of $32 million for fiscal 2023 and 2022, respectively. We held equity interests in certain private equity funds of $0.9 billion and $1.1 billion as of July 29, 2023 and July 30, 2022, respectively, which are accounted for under the NAV practical expedient.
In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of July 29, 2023, there were no additional significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.
As of July 29, 2023, the carrying value of our investments in privately held companies was $1.8 billion. Of the total carrying value of our investments in privately held companies as of July 29, 2023, $1.0 billion of such investments are considered to be in variable interest entities which are unconsolidated. We have total funding commitments of $0.3 billion related to privately held investments, some of which may be based on the achievement of certain agreed-upon milestones or are required to be funded on demand. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments.