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Investments | 12 Months Ended
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Dec. 27, 2025
Investments [Abstract] |
Investments |
Note 9 : | Investments
Short-term Investments Short-term investments include marketable debt investments in corporate debt, government debt and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Balance Sheets. Government debt includes instruments such as non-U.S. government bills and bonds and U.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits and time deposits. As of December 27, 2025 and December 28, 2024, the substantial majority of time deposits were issued by institutions outside the U.S. The fair value of our economically hedged marketable debt investments was $21.8 billion as of December 27, 2025 ($13.5 billion as of December 28, 2024). For economically hedged investments still held at the reporting date, we recorded net gains of $341 million in 2025 (net losses of $464 million in 2024 and net gains of $534 million in 2023). Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). The adjusted cost of our unhedged investments was $10.6 billion as of December 27, 2025 ($5.2 billion as of December 28, 2024), which approximated the fair values at each date. The fair value of marketable debt investments, by contractual maturity, as of December 27, 2025, was as follows:
(In Millions) |  | Fair Value
Due in 1 year or less |  | $ | 9,543 |
Due in 1–2 years |  | 8,531 |
Due in 2–5 years |  | 6,554 |
Due after 5 years |  | 291 |
Instruments not due at a single maturity date 1 |  | 7,474 |
Total |  | $ | 32,393 |
1 Instruments not due at a single maturity date is composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents. Equity Investments
(In Millions) |  | Dec 27, 2025 |  | Dec 28, 2024
Marketable equity investments 1 |  | $ | 484 |  |  | $ | 848 |
Non-marketable equity investments |  | 8,028 |  |  | 4,535 |
Total |  | $ | 8,512 |  |  | $ | 5,383 |
1 Most of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading-volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. The components of gains (losses) on equity investments, net for each period were as follows:
Years Ended (in Millions) |  | Dec 27, 2025 |  | Dec 28, 2024 |  | Dec 30, 2023
Unrealized gains (losses) on marketable equity investments, net |  | $ | (311) |  |  | $ | (218) |  |  | $ | (99) |
Unrealized gains (losses) on non-marketable equity investments, net 1 |  | 490 |  |  | 92 |  |  | 17 |
Impairment charges on non-marketable equity investments |  | (300) |  |  | (347) |  |  | (214) |
Unrealized gains (losses) on equity investments, net |  | (121) |  |  | (473) |  |  | (296) |
Realized gains (losses) on sales of equity investments, net |  | $ | 635 |  |  | $ | 715 |  |  | $ | 336 |
Gains (losses) on equity investments, net |  | $ | 514 |  |  | $ | 242 |  |  | $ | 40 |
1 Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions. During the year ended December 27, 2025, we recognized upward observable price adjustments of $396 million related to a single investee within gains (losses) on equity investments, net. As of December 27, 2025, the cumulative amount of impairments for equity investments without readily determinable fair value was $1.6 billion ($1.4 billion as of December 28, 2024) and upward observable price adjustments were $1.9 billion ($1.4 billion as of December 28, 2024). Altera In the third quarter of 2025, we closed the sale of Altera and retained a 49% interest in the business (refer to "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements). Our retained interest in Altera is accounted for under the equity method and classified within e quity investments in the Consolidated Balance Sheets. As of December 27, 2025, the carrying value of our non-marketable equity investment in Altera was $3.2 billion and our ownership interest was 48%. We provide semiconductor wafer manufacturing services to Altera, a related party, in accordance with a wafer manufacturing and sale agreement. Additionally, and in connection with the divestiture, we will be reimbursed for costs that we incur on behalf of Altera for certain corporate services delivered under a transition services agreement, which may include information technology, finance, supply chain and other services provided on an interim basis.

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