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If you're already in an R&D position, what kind of research do you think you can do in a PhD setting that you can't do now?

A whole lot of comp sci research doesn't need a lot of resources, so you can do that anywhere, it's just a question of time.

Some research needs lots of computer time and/or lots of real world data. You likely have access to more advanced computers/more computer time at a FAANG, at least in theory (getting to use it is something else) as well as real world data.

What does a credential do for you here that FAANG on your resume doesn't?