111 R&D Spend @ Big Six* USA Public Tech Companies = 13% of Revenue…vs. 9% Ten Years Ago *Note: Big Six USA technology companies include Apple, Nvidia, Microsoft, Alphabet / Google, Amazon, & Meta Platforms / Facebook. R&D expense shown for Amazon, not AWS, as figures are not broken out in company financials; revenue therefore shown on like-for-like basis. Source: Capital IQ (3/25) R&D Expense, $B (Blue Bars) R&D Expense as % of Revenue (Red Line) 0% 5% 10% 15% $0 $100 $200 $300 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 +20% / Year Technology Company Spend = R&D Rising Along with CapEx Big Six* USA Public Technology Company – R&D Spend ($B) vs. % of Revenue – 2014-2024, per Capital IQ