So, it's depends how they do that. In 2022, Apple seemed to buy all the Apple stock they used for RSUs in the open market. So, absolutely not in that case.
But they don't have to do that. They could issue the shares for RSUs. If they issue new shares (either to sell to the market or to use for RSUs) then the market cap directly influences how much they can generate in work or cash from such a transaction.
But they don't have to do that. They could issue the shares for RSUs. If they issue new shares (either to sell to the market or to use for RSUs) then the market cap directly influences how much they can generate in work or cash from such a transaction.