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Investments | 12 Months Ended
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Jul. 26, 2025
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 26, 2025 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 1,971 |  |  | $ | 2 |  |  | $ | (12) |  |  | $ | 1,961 |
U.S. government agency securities | 67 |  |  | — |  |  | — |  |  | 67 |
Non-U.S. government and agency securities | 458 |  |  | — |  |  | — |  |  | 458 |
Corporate debt securities | 3,138 |  |  | 13 |  |  | (61) |  |  | 3,090 |
U.S. agency mortgage-backed securities | 320 |  |  | — |  |  | (34) |  |  | 286 |
Commercial paper | 950 |  |  | — |  |  | — |  |  | 950 |
Certificates of deposit | 569 |  |  | — |  |  | — |  |  | 569 |
Total | $ | 7,473 |  |  | $ | 15 |  |  | $ | (107) |  |  | $ | 7,381 |
July 27, 2024 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 2,380 |  |  | $ | 1 |  |  | $ | (28) |  |  | $ | 2,353 |
U.S. government agency securities | 223 |  |  | — |  |  | (2) |  |  | 221 |
Non-U.S. government and agency securities | 370 |  |  | 1 |  |  | — |  |  | 371 |
Corporate debt securities | 3,818 |  |  | 5 |  |  | (146) |  |  | 3,677 |
U.S. agency mortgage-backed securities | 1,959 |  |  | — |  |  | (178) |  |  | 1,781 |
Commercial paper | 1,023 |  |  | — |  |  | — |  |  | 1,023 |
Certificates of deposit | 439 |  |  | — |  |  | — |  |  | 439 |
Total | $ | 10,212 |  |  | $ | 7 |  |  | $ | (354) |  |  | $ | 9,865 |
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Years Ended | July 26, 2025 |  | July 27, 2024 |  | July 29, 2023
Gross realized gains | $ | 10 |  |  | $ | 7 |  |  | $ | 4 |
Gross realized losses | (110) |  |  | (74) |  |  | (25) |
Total | $ | (100) |  |  | $ | (67) |  |  | $ | (21) |
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 26, 2025 and July 27, 2024 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 26, 2025 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 1,076 |  |  | $ | (6) |  |  | $ | 302 |  |  | $ | (6) |  |  | $ | 1,378 |  |  | $ | (12) |
U.S. government agency securities | 8 |  |  | — |  |  | 21 |  |  | — |  |  | 29 |  |  | — |
Non-U.S. government and agency securities | 292 |  |  | — |  |  | — |  |  | — |  |  | 292 |  |  | — |
Corporate debt securities | 106 |  |  | — |  |  | 1,800 |  |  | (35) |  |  | 1,906 |  |  | (35) |
U.S. agency mortgage-backed securities | 5 |  |  | — |  |  | 279 |  |  | (34) |  |  | 284 |  |  | (34) |
Commercial paper | 30 |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | — |
Total | $ | 1,517 |  |  | $ | (6) |  |  | $ | 2,402 |  |  | $ | (75) |  |  | $ | 3,919 |  |  | $ | (81) |
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
July 27, 2024 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 598 |  |  | $ | (2) |  |  | $ | 1,399 |  |  | $ | (26) |  |  | $ | 1,997 |  |  | $ | (28) |
U.S. government agency securities | 89 |  |  | — |  |  | 109 |  |  | (2) |  |  | 198 |  |  | (2) |
Non-U.S. government and agency securities | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |
Corporate debt securities | 276 |  |  | (1) |  |  | 2,818 |  |  | (115) |  |  | 3,094 |  |  | (116) |
U.S. agency mortgage-backed securities | 238 |  |  | (1) |  |  | 1,438 |  |  | (177) |  |  | 1,676 |  |  | (178) |
Commercial paper | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |
Total | $ | 1,228 |  |  | $ | (4) |  |  | $ | 5,764 |  |  | $ | (320) |  |  | $ | 6,992 |  |  | $ | (324) |
The following table summarizes the maturities of our available-for-sale debt investments as of July 26, 2025 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 3,959 |  |  | $ | 3,911 |
After 1 year through 5 years | 3,194 |  |  | 3,184 |
Mortgage-backed securities with no single maturity | 320 |  |  | 286 |
Total | $ | 7,473 |  |  | $ | 7,381 |
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. (b)Marketable Equity Securities We held marketable equity securities of $383 million and $481 million as of July 26, 2025 and July 27, 2024, respectively. We recognized net unrealized gains of $108 million, $71 million and $36 million for fiscal 2025, 2024, and 2023, respectively, on our marketable securities still held as of the reporting date. (c) Investments in Privately Held Companies The carrying value of our investments in privately held companies was $1.9 billion and $1.8 billion as of July 26, 2025 and July 27, 2024, respectively. We have total funding commitments of $0.3 billion related to privately held investments. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments. Investments in privately held companies measured using the measurement alternative had a carrying value of $0.6 billion as of each of July 26, 2025 and July 27, 2024. We recorded adjustments to the carrying value of our investments in privately held companies measured using the measurement alternative as follows (in millions):
| July 26, 2025 |  | July 27, 2024
Cumulative upward adjustments | $ | 195 |  |  | $ | 207 |
Cumulative downward adjustments, including impairments | (597) |  |  | (537) |
Net adjustments | $ | (402) |  |  | $ | (330) |
We held equity interests in certain private equity funds of $0.7 billion and $0.8 billion as of July 26, 2025 and July 27, 2024, respectively, which are accounted for under the NAV practical expedient. Of the total carrying value of our investments in privately held companies as of July 26, 2025, $0.8 billion of such investments are considered to be in variable interest entities which are unconsolidated. Certain of our investments in privately held companies are required to be consolidated under the voting interest entity model. The noncontrolling interest attributed to these investments was $162 million and $99 million as of July 26, 2025 and July 27, 2024, respectively, and is included in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interest attributed to these investments is not material for any of the fiscal years presented and is included in other income (loss), net in the Consolidated Statements of Operations.

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