STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Activity

The following table summarizes the Company’s stock option and restricted stock unit activity during the year ended December 31, 2023:

	Stock Options						RSUs
	Number of Shares  (in millions)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life  (in years)	Aggregate Intrinsic Value (in millions)		Number of Shares  (in millions)	Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2022	61	$	12.98				37	$	38.72
Granted	4	17.26					64	15.25
Exercised / Vested	(2)	4.53					(35)	23.80
Forfeited / Cancelled	(1)	11.20					(10)	31.73
Outstanding at December 31, 2023	62	$	13.49	6.0	$	636	56	$	22.36
Vested and expected to vest at December 31, 2023	62	$	13.49	6.0	$	636	56	$	22.36
Exercisable at December 31, 2023	32	$	5.93	4.9	$	559	—	$	—

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes Company’s stock-based compensation expense for the Stock Plans and 2021 Employee Stock Purchase Plan (“ESPP”) by line item in the Consolidated Statements of Operations (in millions):

	Years Ended December 31,
	2021		2022		2023
Cost of revenues	$	16	$	60	$	85
Research and development	277		437		408
Selling, general, and administrative	277		490		328
Total stock-based compensation expense	$	570	$	987	$	821

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Monte Carlo simulation were as follows:

	Year Ended December 31, 2021
Volatility	50.0	%
Dividend yield	—	%
Risk-free rate	1.1	%
Maturity (in years)	10.0
Initial stock price	$21.72

The weighted-average assumptions used in the Black-Scholes option pricing model for stock options granted were as follows:

	Years Ended December 31,
	2021		2022		2023
Volatility	49.5	%	55.5	%	61.4	%
Dividend yield	—	%	—	%	—	%
Risk-free rate	1.1	%	2.9	%	4.0	%
Expected term (in years)	5.6		6.8		6.3