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 allocated to inventory, as follows:


	Three Months Ended				Nine Months Ended
	October 29, 2023		October 30, 2022		October 29, 2023		October 30, 2022

	(In millions)
Cost of revenue	$	38	$	32	$	96	$	108
Research and development	701		530		1,826		1,365
Sales, general and administrative	240		183		633		498
Total	$	979	$	745	$	2,555	$	1,971

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, January 29, 2023	45	$	158.45
Granted	13	$	364.52

Vested	(16)	$	141.02
Canceled and forfeited	(1)	$	201.49
Balances, October 29, 2023	41	$	230.11

As of October 29, 2023, there was $9.03 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 11 months for ESPP.