Stock-based compensation expense is associated with restricted stock units, or RSUs, performance stock units, or PSUs, that are based on our corporate financial performance targets, market-based PSUs that are performance stock units based on our performance compared to market performance, and the 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				Nine Months Ended
	Oct 27, 2024		Oct 29, 2023		Oct 27, 2024		Oct 29, 2023

	(In millions)
Cost of revenue	$	50	$	38	$	125	$	96
Research and development	910		701		2,469		1,826
Sales, general and administrative	292		240		822		633
Total	$	1,252	$	979	$	3,416	$	2,555

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)
Balance as of Jan 28, 2024	367	$	24.59
Granted	84	$	84.70

Vested	(135)	$	23.03
Canceled and forfeited	(8)	$	31.23
Balance as of Oct 27, 2024	308	$	41.45

As of October 27, 2024, aggregate unearned stock-based compensation expense was $12.4 billion, which is expected to be recognized over a weighted average period of 2.3 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.