Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Financial market risks related to interest rates, foreign currency exchange rates and equity prices are described in our 2021 Annual Report on Form 10-K, along with certain updates described below. At December 26, 2021, there have been no material changes to the financial market risks described at September 26, 2021.

Equity Price Risk. At December 26, 2021, the recorded value of our marketable equity securities was $700 million. Certain of our marketable equity investments are in early or growth stage companies that have minimal public trading history, and the fair values of these investments have been and may continue to be subject to increased volatility.