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Investments | 3 Months Ended
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Oct. 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):
October 25, 2025 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized and Credit Losses |  | Fair Value
U.S. government securities | $ | 1,637 |  |  | $ | 7 |  |  | $ | (4) |  |  | $ | 1,640 |
U.S. government agency securities | 49 |  |  | — |  |  | — |  |  | 49 |
Non-U.S. government and agency securities | 409 |  |  | 1 |  |  | — |  |  | 410 |
Corporate debt securities | 2,979 |  |  | 14 |  |  | (44) |  |  | 2,949 |
Mortgage- and asset-backed securities | 270 |  |  | — |  |  | (16) |  |  | 254 |
Commercial paper | 884 |  |  | — |  |  | — |  |  | 884 |
Certificates of deposit | 756 |  |  | — |  |  | — |  |  | 756 |
Total | $ | 6,984 |  |  | $ | 22 |  |  | $ | (64) |  |  | $ | 6,942 |
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 |
Mortgage- and asset-backed securities | 320 |  |  | — |  |  | (34) |  |  | 286 |
Commercial paper | 950 |  |  | — |  |  | — |  |  | 950 |
Certificates of deposit | 569 |  |  | — |  |  | — |  |  | 569 |
Total | $ | 7,473 |  |  | $ | 15 |  |  | $ | (107) |  |  | $ | 7,381 |
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Gross realized gains | $ | 10 |  |  | $ | 8 |
Gross realized losses | (14) |  |  | (33) |
Total | $ | (4) |  |  | $ | (25) |
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 October 25, 2025 and July 26, 2025 (in millions):
| UNREALIZED LOSSES LESS THAN 12 MONTHS |  | UNREALIZED LOSSES 12 MONTHS OR GREATER |  | TOTAL
October 25, 2025 | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. government securities | $ | — |  |  | $ | — |  |  | $ | 436 |  |  | $ | (4) |  |  | $ | 436 |  |  | $ | (4) |
U.S. government agency securities | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Corporate debt securities | 63 |  |  | — |  |  | 1,583 |  |  | (18) |  |  | 1,646 |  |  | (18) |
Mortgage- and asset-backed securities | 4 |  |  | — |  |  | 160 |  |  | (16) |  |  | 164 |  |  | (16) |
Commercial paper | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |
Total | $ | 82 |  |  | $ | — |  |  | $ | 2,179 |  |  | $ | (38) |  |  | $ | 2,261 |  |  | $ | (38) |
| 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) |
Mortgage- and asset-backed securities | 5 |  |  | — |  |  | 279 |  |  | (34) |  |  | 284 |  |  | (34) |
Commercial paper | 30 |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | — |
Total | $ | 1,517 |  |  | $ | (6) |  |  | $ | 2,402 |  |  | $ | (75) |  |  | $ | 3,919 |  |  | $ | (81) |
The following table summarizes the maturities of our available-for-sale debt investments as of October 25, 2025 (in millions):
| Amortized Cost |  | Fair Value
Within 1 year | $ | 3,925 |  |  | $ | 3,883 |
After 1 year through 5 years | 2,768 |  |  | 2,784 |
After 5 years through 10 years | 21 |  |  | 21 |
Mortgage- and asset-backed securities with no single maturity | 270 |  |  | 254 |
Total | $ | 6,984 |  |  | $ | 6,942 |
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 $394 million and $383 million as of October 25, 2025 and July 26, 2025, respectively. We recognized net unrealized gains of $30 million and $25 million during the first quarter of fiscal 2026 and fiscal 2025, 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 $2.1 billion and $1.9 billion as of October 25, 2025 and July 26, 2025, respectively. As of October 25, 2025, we have total funding commitments of $0.5 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 $0.7 billion and $0.6 billion as of October 25, 2025 and July 26, 2025, respectively. We have recorded cumulative adjustments to the carrying value of our investments in privately held companies measured using the measurement alternative as follows (in millions):
| October 25, 2025 |  | July 26, 2025
Cumulative upward adjustments | $ | 277 |  |  | $ | 195 |
Cumulative downward adjustments, including impairments | (595) |  |  | (597) |
Net adjustments | $ | (318) |  |  | $ | (402) |
We held equity interests in certain private equity funds o f $0.7 billion as of each of October 25, 2025 and July 26, 2025, which are accounted for under the NAV practical expedient. Of the total carrying value of our investments in privately held companies as of October 25, 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 $206 million and $162 million as of October 25, 2025 and July 26, 2025, 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 periods presented and is included in other income (loss), net in the Consolidated Statements of Operations.

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