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Investments | 6 Months Ended
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Jan. 25, 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):
January 25, 2025 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 2,177 |  |  | $ | — |  |  | $ | (29) |  |  | $ | 2,148 |
U.S. government agency securities | 112 |  |  | — |  |  | (1) |  |  | 111 |
Non-U.S. government and agency securities | 363 |  |  | 1 |  |  | — |  |  | 364 |
Corporate debt securities | 3,292 |  |  | 6 |  |  | (94) |  |  | 3,204 |
U.S. agency mortgage-backed securities | 847 |  |  | — |  |  | (111) |  |  | 736 |
Commercial paper | 732 |  |  | — |  |  | — |  |  | 732 |
Certificates of deposit | 663 |  |  | — |  |  | — |  |  | 663 |
Total | $ | 8,186 |  |  | $ | 7 |  |  | $ | (235) |  |  | $ | 7,958 |
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):
| Three Months Ended |  | Six Months Ended
| January 25, 2025 |  | January 27, 2024 |  | January 25, 2025 |  | January 27, 2024
Gross realized gains | $ | — |  |  | $ | 5 |  |  | $ | 8 |  |  | $ | 5 |
Gross realized losses | (20) |  |  | (28) |  |  | (53) |  |  | $ | (48) |
Total | $ | (20) |  |  | $ | (23) |  |  | $ | (45) |  |  | $ | (43) |
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 January 25, 2025 and July 27, 2024 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
January 25, 2025 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | 1,431 |  |  | $ | (17) |  |  | $ | 387 |  |  | $ | (12) |  |  | $ | 1,818 |  |  | $ | (29) |
U.S. government agency securities | 30 |  |  | — |  |  | 48 |  |  | (1) |  |  | 78 |  |  | (1) |
Corporate debt securities | 281 |  |  | (2) |  |  | 2,193 |  |  | (63) |  |  | 2,474 |  |  | (65) |
U.S. agency mortgage-backed securities | 8 |  |  | — |  |  | 728 |  |  | (111) |  |  | 736 |  |  | (111) |
Total | $ | 1,750 |  |  | $ | (19) |  |  | $ | 3,356 |  |  | $ | (187) |  |  | $ | 5,106 |  |  | $ | (206) |
| 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 January 25, 2025 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 3,238 |  |  | $ | 3,207 |
After 1 year through 5 years | 4,101 |  |  | 4,015 |
Mortgage-backed securities with no single maturity | 847 |  |  | 736 |
Total | $ | 8,186 |  |  | $ | 7,958 |
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 $339 million and $481 million as of January 25, 2025 and July 27, 2024, respectively. We recognized a net unrealized gain of $16 million and $36 million during the second quarter and first six months of fiscal 2025, respectively, and a net unrealized gain of $55 million and $17 million during the corresponding periods of fiscal 2024, respectively, 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 $16 million for the second quarter and first six months of fiscal 2025, respectively, and a net loss of $134 million for each of the corresponding periods of fiscal 2024. We held equity interests in certain private equity funds o f $0.7 billion and $0.8 billion as of January 25, 2025 and July 27, 2024, 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 January 25, 2025, there were no additional significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements. The carrying value of our investments in privately held companies was $1.9 billion and $1.8 billion as of January 25, 2025 and July 27, 2024, respectively. Of the total carrying value of our investments in privately held companies as of January 25, 2025, $0.8 billion of such investments are considered to be in variable interest entities which are not required to be consolidated. As of January 25, 2025, we have total funding commitments of $0.2 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.

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