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Investments
 12 Months Ended
Jan. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Marketable Securities
At January 31, 2023, marketable securities consisted of the following (in millions):
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
Corporate notes and obligations$3,442 $4 $(92)$3,354 
U.S. treasury securities381 0 (11)370 
Mortgage-backed obligations190 0 (12)178 
Asset-backed securities1,004 1 (20)985 
Municipal securities175 0 (6)169 
Commercial paper278 0 0 278 
Covered bonds105 0 (4)101 
Other59 0 (2)57 
Total marketable securities$5,634 $5 $(147)$5,492 
At January 31, 2022, marketable securities consisted of the following (in millions):
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair Value
Corporate notes and obligations$3,153 $2 $(34)$3,121 
U.S. treasury securities205 0 (3)202 
Mortgage-backed obligations229 0 (4)225 
Asset-backed securities1,056 0 (5)1,051 
Municipal securities225 0 (2)223 
Commercial paper27 0 0 27 
Covered bonds212 0 (2)210 
Other14 0 0 14 
Total marketable securities$5,121 $2 $(50)$5,073 
The contractual maturities of the investments classified as marketable securities were as follows (in millions):
 As of
 January 31, 2023January 31, 2022
Due within 1 year$2,380 $2,161 
Due in 1 year through 5 years3,104 2,899 
Due in 5 years through 10 years8 13 
$5,492 $5,073 
Strategic Investments
Strategic investments by form and measurement category as of January 31, 2023 were as follows (in millions):
 Measurement Category
 Fair ValueMeasurement AlternativeOtherTotal
Equity securities$48 $4,479 $76 $4,603 
Debt securities and other investments 0 0 69 69 
Balance as of January 31, 2023
$48 $4,479 $145 $4,672 
Strategic investments by form and measurement category as of January 31, 2022 were as follows (in millions):
 Measurement Category
 Fair ValueMeasurement AlternativeOtherTotal
Equity securities$370 $4,204 $122 $4,696 
Debt securities and other investments0 0 88 88 
Balance as of January 31, 2022
$370 $4,204 $210 $4,784 

The Company holds investments in, or management agreements with, VIEs which the Company does not consolidate because it is not considered the primary beneficiary of these entities. The carrying value of VIEs within strategic investments was $354 million and $467 million, as of January 31, 2023 and 2022, respectively.
Gains (Losses) on Strategic Investments, Net
The components of gains and losses on strategic investments were as follows (in millions):
4Fiscal Year Ended January 31,
202320222021
Unrealized gains (losses) recognized on publicly traded equity securities, net$1 $(241)$1,743 
Unrealized gains recognized on privately held equity securities, net180 1,210 184 
Impairments on privately held equity and debt securities(491)(51)(124)
Unrealized gains (losses), net(310)918 1,803 
Realized gains on sales of securities, net71 293 367 
Gains (losses) on strategic investments, net$(239)$1,211 $2,170 

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $220 million and $1.2 billion and impairments and downward adjustments of $466 million and $61 million for fiscal 2023 and 2022, respectively.
Realized gains on sales of securities, net reflects the difference between the sale proceeds and the carrying value of the security at the beginning of the period or the purchase date, if later.
The Company calculates cumulative realized gains on sales of securities, net, as the difference between the sale proceeds and the initial purchase price for securities sold during the period. Cumulative realized gains on the sales of securities for fiscal 2023 and 2022 were $87 million and $1.6 billion, net