Foreign Currency and Exchange Risk The majority of our cash generated from revenue is denominated in U.S. dollars, with a portion in amounts denominated in foreign currencies. Our expenses are generally denominated in the currencies of the jurisdictions in which we conduct our operations, which are primarily in the United States, China, Europe, and Singapore. Our results of current and future operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates. For the six months ended July 31, 2026 and 2025, 20.5% and 19.6% of our revenue, respectively, and 17.0% and 17.5% of our expenses, respectively, were denominated in currencies other than the U.S. dollar. The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business would not have had a material impact on our historical condensed consolidated financial statements for the three and six months ended July 31, 2026 and 2025. As the impact of foreign currency exchange rates has not been material to our historical operating results, we have not entered into derivative or hedging transactions, but we may do so in the future if our exposure to foreign currency becomes more significant. Interest Rate Risk We had cash and cash equivalents of $932.0 million and marketable securities of $6,317.7 million as of July 31, 2026. Cash and cash equivalents consist of bank deposits, money market funds, high-grade commercial paper, and agency bonds. Our marketable securities generally consist of high-grade commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, and treasury bills. The cash and cash equivalents and marketable securities are held for working capital purposes. These interest-earning instruments carry a degree of interest rate risk. The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk. We do not enter into 37 Table of Contents investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure. Due to the short-term nature of our investments, we have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in interest rates. A hypothetical 10% change in interest rates during any of the periods presented would not have had a material impact on our historical condensed consolidated financial statements for the three and six months ended July 31, 2026 and 2025. Equity Investment Risk As of July 31, 2026, our privately held equity and debt securities totaled $3,785.9 million, of which $3,134.5 million relates to our investment in preferred stock of Anthropic. The majority of our investments in privately held equity securities is accounted for under the measurement alternative and are adjusted for observable price changes or impairments. Valuations of private companies are inherently more complex due to the lack of readily available market data; as such, we believe that providing market sensitivities is not practicable. Changes in the valuation of these investments due to future market conditions could result in material gains or losses in our consolidated financial statements.