Technology Companies = 6 of Top 15 R&D + Capex Spenders, USA USA Public Company Research & Development Spend + Capital Expenditures (2017) Amazon Amazon +45% Y/Y Google / Alphabet Google / Alphabet +23% Intel Intel +11% Apple +5% Apple Microsoft Microsoft +6% AT&T -4% Verizon +1% Exxon Mobil -4% General Motors +5% Ford +5% Facebook +40% Facebook Chevron -26% Johnson & Johnson +12% General Electric +2% Merck +3% $0 $10B $20B $30B $40B 2017 R&D + Capex Capex R&D Source: SEC Edgar, Katy Huberty @ Morgan Stanley. Note: All figures are calendar year 2017. Amazon R&D = Tech & Content spend. General Motors does not include purchases of leased vehicles. AT&T capex does not include interest 40 during construction, just purchases of property, plant, & equipment. Verizon capitalizes R&D expense (i.e. reported as capex). General Electric R&D = GE funded, not government or customer. Bold indicates tech companies.