
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	1,660	$	5	$	(1)	$	1,664
U.S. agency obligations	694		2		0		696
Corporate bonds	3,058		12		(2)		3,068
Commercial paper	566		0		0		566

Total debt securities	$	5,978	$	19	$	(3)	$	5,994
Included in Cash and cash equivalents	$	148	$	0	$	0	$	148
Included in Marketable securities	$	5,830	$	19	$	(3)	$	5,846


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. treasury securities	$	2,072	$	4	$	(2)	$	2,074
U.S. agency obligations	753		2		(1)		754
Corporate bonds	2,496		9		(5)		2,500
Commercial paper	1,232		0		0		1,232

Total debt securities	$	6,553	$	15	$	(8)	$	6,560
Included in Cash and cash equivalents	$	759	$	0	$	0	$	759
Included in Marketable securities	$	5,794	$	15	$	(8)	$	5,801

We classify our debt securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We consider all debt securities as funds available for use in current operations, including those with maturity dates beyond one year, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. Debt securities included in Marketable securities on the Condensed Consolidated Balance Sheets consist of securities with original maturities at the time of purchase greater than three months, and the remaining securities are included in Cash and cash equivalents.

Interest receivable of $48 million and $35 million is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of October 31, 2024, and January 31, 2024, respectively.

The unrealized losses on our debt securities primarily resulted from changes in market interest rates. We do not intend to sell these debt securities and it is not more likely than not that we will be required to sell the debt securities before recovery of their amortized cost bases, which may be at maturity. We did not recognize any credit-related losses on our debt securities during the periods presented. The following tables summarize the aggregate fair value and gross unrealized losses for all debt securities in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):


	As of October 31, 2024
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	266	$	(1)	$	120	$	0	$	386	$	(1)
U.S. agency obligations	142		0		15		0		157		0
Corporate bonds	640		(2)		184		0		824		(2)


Total	$	1,048	$	(3)	$	319	$	0	$	1,367	$	(3)


	As of January 31, 2024
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	921	$	(2)	$	78	$	(1)	$	999	$	(3)
U.S. agency obligations	234		0		100		(1)		334		(1)
Corporate bonds	921		(3)		171		(1)		1,092		(4)
Commercial paper	5		0		0		0		5		0

Total	$	2,081	$	(5)	$	349	$	(3)	$	2,430	$	(8)

We sold $48 million and $24 million of debt securities during the three months ended October 31, 2024, and 2023, respectively. We sold $115 million and $42 million of debt securities during the nine months ended October 31, 2024, and 2023, respectively. The realized gains and losses from the sales were immaterial.


	Condensed Consolidated Balance Sheets Location	October 31, 2024		January 31, 2024
Money market funds	Cash and cash equivalents	$	849	$	1,017

Non-marketable equity investments measured using the measurement alternative	Other assets	242		248

Total equity investments		$	1,091	$	1,265


	Three Months Ended October 31,				Nine Months Ended October 31,
	2024		2023		2024		2023
Net realized gains (losses) recognized on equity investments sold (1)	$	0	$	(1)	$	(3)	$	2
Net unrealized gains (losses) recognized on equity investments held as of the end of the period	3		(13)		(4)		(24)
Total net gains (losses) recognized in Other income (expense), net	$	3	$	(14)	$	(7)	$	(22)

Non-marketable equity investments measured using the measurement alternative include investments in privately held companies without readily determinable fair values in which we do not own a controlling interest or exercise significant influence. These investments are recorded at cost and are adjusted for observable transactions for same or similar securities of the same issuer or impairment events. The carrying values for our non-marketable equity investments are summarized below (in millions):


	October 31, 2024		January 31, 2024
Total initial cost	$	210	$	213
Cumulative net unrealized gains (losses)	32		35
Carrying value	$	242	$	248

During the three months ended October 31, 2024, we recorded upward adjustments of $5 million to the carrying value of non-marketable equity investments and impairment losses of $2 million. During the three months ended October 31, 2023, we recorded impairment losses of $9 million.

During the nine months ended October 31, 2024, we recorded losses related to impairments and exits of $13 million and upward adjustments of $6 million to the carrying value of non-marketable equity investments. During the nine months ended October 31, 2023, we recorded impairment losses of $22 million.

We may hold marketable equity investments with readily determinable fair values over which we do not own a controlling interest or exercise significant influence. As of October 31, 2024, and January 31, 2024, we did not hold any such investments.