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Available-for-Sale Debt and Equity Investments
 3 Months Ended
Oct. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Debt and Equity Investments Available-for-Sale Debt and Equity Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):
October 30, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$2,032 $12 $(9)$2,035 
U.S. government agency securities 142 — — 142 
Corporate debt securities9,114 156 (50)9,220 
U.S. agency mortgage-backed securities2,790 24 (21)2,793 
Commercial paper1,054 — — 1,054 
Certificates of deposit269 — — 269 
Total$15,401 $192 $(80)$15,513 
July 31, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit
Losses		Fair
Value
U.S. government securities$1,773 $21 $— $1,794 
U.S. government agency securities 152 — — 152 
Non-U.S. government and agency securities3 — — 3 
Corporate debt securities8,727 213 (30)8,910 
U.S. agency mortgage-backed securities2,838 34 (10)2,862 
Commercial paper1,190 — — 1,190 
Certificates of deposit295 — — 295 
Total$14,978 $268 $(40)$15,206 
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 30, 2021October 24, 2020
Gross realized gains$6 $15 
Gross realized losses— — 
Total$6 $15 
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 30, 2021 and July 31, 2021 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
October 30, 2021Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities 
$1,341 $(9)$2 $— $1,343 $(9)
U.S. government agency securities100 — — — 100 — 
Corporate debt securities3,204 (24)27 (1)3,231 (25)
U.S. agency mortgage-backed securities1,937 (20)52 (1)1,989 (21)
Commercial paper25 — — — 25 — 
Total$6,607 $(53)$81 $(2)$6,688 $(55)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 31, 2021Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$468 $— $— $— $468 $— 
U.S. government agency securities26 — — — 26 — 
Corporate debt securities1,086 (5)6 — 1,092 (5)
U.S. agency mortgage-backed securities1,293 (10)13 — 1,306 (10)
Commercial paper37 — — — 37 — 
Total$2,910 $(15)$19 $— $2,929 $(15)
The following table summarizes the maturities of our available-for-sale debt investments as of October 30, 2021 (in millions): 
Amortized CostFair Value
Within 1 year$4,291 $4,281 
After 1 year through 5 years8,013 8,106 
After 5 years through 10 years301 326 
After 10 years6 7 
Mortgage-backed securities with no single maturity2,790 2,793 
Total$15,401 $15,513 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Summary of Equity Investments
We recognized a net unrealized gain of $5 million during the first quarter of fiscal 2022 on our marketable securities still held as of the reporting date. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net gain of $2 million for the first quarter of fiscal 2022. We held equity interests in certain private equity funds of $1.0 billion and $0.9 billion as of October 30, 2021 and July 31, 2021, respectively, which are accounted for under the NAV practical expedient.
In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of October 30, 2021, there were no significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.
The carrying value of our investments in privately held companies was $1.7 billion and $1.5 billion as of October 30, 2021 and July 31, 2021, respectively. Of the total carrying value of our investments in privately held companies as of October 30, 2021, $1.0 billion of such investments are considered to be in variable interest entities which are unconsolidated. As of October 30, 2021, we have total funding commitments of $0.2 billion related to privately held investments, some of which may be based on the achievement of certain agreed-upon milestones or are required to be funded on demand. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments.