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v3.25.2

Investments (Tables) | 12 Months Ended
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Jul. 26, 2025
Investments, Debt and Equity Securities [Abstract] |
Summary of Available-for-Sale 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 |
Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment | 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) |
Available-for-Sale Investments with Gross Unrealized Losses | 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) |
Maturities of Fixed Income Securities | 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 |
Equity Securities without Readily Determinable Fair Value | 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) |

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