Our stock-based compensation expense is associated with restricted stock units, or RSUs, performance stock units that are based on our corporate financial performance targets, or PSUs, performance stock units that are based on market conditions, or market-based PSUs, and our employee stock purchase plan, or ESPP.

Our Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts capitalized into inventory and subsequently recognized to cost of revenue, as follows:


	Three Months Ended
	Apr 28, 2024		Apr 30, 2023

	(In millions)
Cost of revenue	$	36	$	27
Research and development	727		524
Sales, general and administrative	248		184
Total	$	1,011	$	735

The following is a summary of our equity award transactions under our equity incentive plans:


	RSUs, PSUs, and Market-based PSUs Outstanding
	Number of Shares	Weighted Average Grant-Date Fair Value Per Share

	(In millions, except per share data)
Balances, Jan 28, 2024	37	$	245.94
Granted	7	$	801.79

Vested	(6)	$	176.59

Balances, Apr 28, 2024	38	$	361.45

As of April 28, 2024, there was $13.2 billion of aggregate unearned stock-based compensation expense. This amount is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and 0.8 years for ESPP.