Available-for-sale securities

12 Months Ended

Jan. 25, 2026

The following table summarizes the values of the Company’s available-for-sale securities:


	January 25, 2026						January 26, 2025
(in thousands)	Fair Value		Amortized Cost		Gross Unrealized Gain/(Loss)		Fair Value		Amortized Cost		Gross Unrealized Gain/(Loss)
Convertible debt investments	$	—	$	5,205	$	(5,205)	$	12,715	$	14,725	$	(2,010)
Total available-for-sale securities	$	—	$	5,205	$	(5,205)	$	12,715	$	14,725	$	(2,010)

The Company's available-for-sale securities, all of which mature within one year, consist of investments in convertible debt instruments issued by privately-held companies and are recorded at fair value. See Note 4, Fair Value Measurements, for further discussion of the valuation of the available-for-sale securities. The available-for-sale securities with maturities within one year are included in "Other current assets" and with maturities greater than one year are included in "Other assets" in the Balance Sheets. Unrealized gains or losses, net of tax, are recorded in "Accumulated other comprehensive (loss) income, net" in the Balance Sheets, and realized gains or losses as well as current expected credit loss reserves are recorded in "Non-operating income, net" in the Statements of Operations.

In fiscal year 2026, the Company reduced its convertible debt investments by $3.2 million due to a decrease in fair market value of its available-for-sale debt securities and by $9.5 million due to other-than temporary impairments, in each case based on Level 3 inputs.