Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Financial market risks related to interest rates, equity prices and foreign currency exchange rates are described in our 2025 Annual Report on Form 10-K. Apart from the update described below, at June 28, 2026, there have been no material changes to the financial market risks described at September 28, 2025.

Equity Price Risk. At June 28, 2026, the recorded value of our marketable equity securities was $926 million. Certain of our marketable equity investments are in growth stage public companies, and the fair values of these investments have been and may continue to be subject to increased volatility.