Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Reference is made to “Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk,” in our Annual Report on Form 10-K for the fiscal year ended December 27, 2025.

Long-term Investment Risk. We hold long-term investments in marketable equity securities of publicly traded companies and non-marketable equity and other securities of privately held companies. As of June 27, 2026 and December 27, 2025, the carrying value of marketable equity securities was $1.2 billion and $0.2 billion, respectively, and non-marketable equity and other securities was $1.7 billion and $1.1 billion, respectively. These investments are subject to market risks that could substantially impact their fair value. The Company regularly reviews non-marketable securities for impairment.

There have not been any material changes in interest rate risk, default risk or foreign exchange risk since December 27, 2025.