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 June 26, 2022, there have been no material changes to the financial market risks described at September 26, 2021.

Equity Price Risk. At June 26, 2022, the recorded value of our marketable equity securities was $246 million. Certain of our marketable equity investments are in early or growth stage companies, and the fair values of these investments have been and may continue to be subject to increased volatility.

Interest Rate Risk. In the first nine months of fiscal 2022, we entered into interest rate swaps that are designated as fair value hedges with an aggregate notional amount of $2.1 billion to effectively convert certain fixed-rate interest payments into floating-rate payments on our outstanding debt. We entered into these agreements, in part, to manage interest rate risk associated with our cash equivalents and marketable securities, in addition to changes in the fair value of our outstanding debt. At June 26, 2022, a hypothetical increase in interest rates of 100 basis points would not cause a loss as an increase in interest expense related to these interest rate swaps agreements would be offset by an increase in interest income from our cash equivalents and marketable securities portfolio.

Net Investment Hedges. In the third quarter of fiscal 2022, as a result of the reversal of the 2018 EC fine, we discontinued the associated net investment hedge. At June 26, 2022, we have designated $255 million of a certain foreign currency-denominated liability as a hedge of our net investment in a certain foreign subsidiary. If foreign exchange rates were to change unfavorably by 10% in our hedged foreign currency, there would be an increase of $26 million in the accumulated other comprehensive loss attributable to the cumulative foreign currency translation adjustment at June 26, 2022 related to our net investment hedge. The change in value recorded in cumulative foreign currency translation adjustment would be offset by a corresponding foreign currency translation gain or loss from our investment in the foreign subsidiary.