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 employee stock purchase plan, or ESPP.

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				Six Months Ended
	Jul 28, 2024		Jul 30, 2023		Jul 28, 2024		Jul 30, 2023

	(In millions)
Cost of revenue	$	40	$	31	$	75	$	58
Research and development	832		600		1,559		1,124
Sales, general and administrative	282		211		530		394
Total	$	1,154	$	842	$	2,164	$	1,576

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	367	$	24.59
Granted	79	$	82.68

Vested	(93)	$	19.23
Canceled and forfeited	(5)	$	28.82
Balances, Jul 28, 2024	348	$	39.16

As of July 28, 2024, aggregate unearned stock-based compensation expense was $12.8 billion, which is expected to be recognized over a weighted average period of 2.5 years for RSUs, PSUs, and market-based PSUs, and 0.8 years for ESPP.