<p>投资者喜欢股票拆分有几个不同的原因。</p>
<p>首先，这些操作使得更广泛的投资者能够进入之前价格较高的股票，因为它们降低了每股价格。其次，拆分的决定可以被视为公司信心的标志——这表明公司对未来持乐观态度，并相信股票在新的较低价格下能够再次上涨。这就是为什么投资者总是关注下一个股票拆分，当它涉及到已经备受瞩目的公司时，可能会引发很多兴奋。</p>
<p>现在，让我们考虑一下今天最引人注目的公司之一，那就是人工智能（AI）芯片巨头 <strong>Nvidia</strong>（NVDA 0.28%）。这家市场巨头并不是股票拆分的新手。事实上，Nvidia 刚刚在 6 月完成了最近一次股票拆分，此前其股价在年初飙升超过 900 美元——然后在 Nvidia 宣布拆分后又突破了 1000 美元。</p>
<p>在如此短的时间内，Nvidia 是否可能决定再进行一次股票拆分？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk1NDMvZ2V0dHlpbWFnZXMtNjM4NjM4OTk0LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk1NDMvZ2V0dHlpbWFnZXMtNjM4NjM4OTk0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>由 AI 需求驱动的创纪录收益</h2>
<p>首先，快速回顾一下 Nvidia 迄今为止的发展历程。该公司是 AI 芯片市场的领导者，这帮助其收益和股价在近年来飙升。Nvidia 的收益在最近几个季度同比增长了三位数，并达到了数十亿美元的创纪录水平。该公司的收入在最新季度超过了 350 亿美元，主要受到 AI 客户需求的推动。</p>
<p>Nvidia 向一些全球最大的科技公司销售图形处理单元（GPU）以及相关产品和服务，从 <strong>微软</strong> 到 <strong>Alphabet</strong>。这家芯片巨头凭借其对创新的关注保持领先地位——承诺每年更新其 GPU——这应该有助于其维持这一地位。事实上，该公司目前正在加大对其备受期待的新平台——Blackwell 架构和芯片的生产，而对其的需求已经超过了供应。</p>
<p>自 6 月股票拆分以来，Nvidia 的股价上涨了约 14%，但重要的是要记住，股票拆分本身并不是这种表现的原因。投资者不会仅仅因为股票拆分而购买一只股票，因为这一操作并没有改变公司基本面的任何东西。Nvidia 最近的涨幅，反而是投资者对 Blackwell 发布和 Nvidia 未来的乐观情绪的体现。</p>
<h2>Nvidia 的 10 比 1 股票拆分</h2>
<p>现在，让我们谈谈股票拆分，并考虑股票拆分的可能性。如前所述，这些操作通过向现有股东发行更多股票来降低股票价格。拆分的比例将决定最终价格。例如，Nvidia 今年的 10 比 1 股票拆分将股价从 1200 美元降至约 120 美元。</p>
<p>Nvidia 在过去完成过两次连续的股票拆分。它在 2000 年 6 月和 2001 年 9 月进行了股票拆分。并且在 2006 年 4 月和 2007 年 9 月又进行了拆分。因此，在短时间内进行多次股票拆分是可能的，而 Nvidia 已经证明它对此没有问题。</p>
<p>但是，展望未来的一年，目前我不会预测 Nvidia 会进行股票拆分。在当前 138 美元的价格下，这只股票对投资者并不遥不可及。每股 1000 美元的水平对一些投资者来说是一个心理障碍——即使从估值的角度来看它并不贵，他们也可能会认为这只股票很贵。但今天的 Nvidia 显然远未达到这一水平。</p>
<h2>Nvidia 的历史股票拆分</h2>
<p>当然，在过去，Nvidia 在其交易价格远低于今天的情况下进行了股票拆分，但当时 Nvidia 正处于其故事的完全不同阶段——收入也远低于现在。在那些时候，进行拆分并降低每股价格是一个明智的决定。Nvidia 依赖于服务视频游戏客户，年收入约为 8 亿美元。去年，随着 AI 客户主导销售，Nvidia 的收入超过了 600 亿美元。</p>
<p>所以，我认为 Nvidia 在需要时是开放于拆分的。今年早些时候，该公司在宣布拆分时表示，旨在使股票对员工和投资者更具可及性。但我认为在今天，Nvidia 的股票在当前水平交易并不需要这样的操作——这意味着这家以收益和股价表现震撼市场的科技巨头可能不会是下一个进行股票拆分的公司。</p>

英伟达

<p>英伟达作为人工智能芯片市场的领导者，最近在 6 月完成了一次 10 股合并为 1 股的股票拆分，此举是由于人工智能需求推动了显著的盈利增长。虽然股票拆分可以使股票更易于获取，并传达公司信心，但分析师并不预测近期会有另一次拆分，因为英伟达目前的股价对投资者来说并不高昂。从历史上看，英伟达曾多次进行股票拆分，但其当前强劲的财务状况表明，此时可能不需要再进行一次拆分</p>

<p>Investors love stock splits for a couple of different reasons.</p>
<div class="lb-trans"><p>投资者喜欢股票拆分有几个不同的原因。</p>
</div><p>First, these operations make it easier for a wider range of investors to get in on a previously high-priced stock because they lower the per-share price. Second, the decision to split could be seen as a sign of confidence from a company -- it suggests the company is optimistic about the future and believes the shares can take off once again from the new, lower price. That's why investors always are on the lookout for the next stock split, and when it involves an already high-profile company, it could create a lot of excitement.</p>
<div class="lb-trans"><p>首先，这些操作使得更广泛的投资者能够进入之前价格较高的股票，因为它们降低了每股价格。其次，拆分的决定可以被视为公司信心的标志——这表明公司对未来持乐观态度，并相信股票在新的较低价格下能够再次上涨。这就是为什么投资者总是关注下一个股票拆分，当它涉及到已经备受瞩目的公司时，可能会引发很多兴奋。</p>
</div><p>Now, let's consider one of the highest-profile companies today, and that's artificial intelligence (AI) chip giant <strong>Nvidia</strong>(NVDA 0.28%). This market giant isn't new to stock splits. In fact, Nvidia just completed its most recent stock split in June after the shares soared past $900 earlier in the year -- and then surged past $1,000 after Nvidia's announcement of the split.</p>
<div class="lb-trans"><p>现在，让我们考虑一下今天最引人注目的公司之一，那就是人工智能（AI）芯片巨头 <strong>Nvidia</strong>（NVDA 0.28%）。这家市场巨头并不是股票拆分的新手。事实上，Nvidia 刚刚在 6 月完成了最近一次股票拆分，此前其股价在年初飙升超过 900 美元——然后在 Nvidia 宣布拆分后又突破了 1000 美元。</p>
</div><p>Is it possible that Nvidia, so soon after that operation, could decide to launch another stock split? Let's find out.</p>
<div class="lb-trans"><p>在如此短的时间内，Nvidia 是否可能决定再进行一次股票拆分？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk1NDMvZ2V0dHlpbWFnZXMtNjM4NjM4OTk0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799543%2Fgettyimages-638638994.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Record earnings driven by AI demand</h2>
<div class="lb-trans"><h2>由 AI 需求驱动的创纪录收益</h2>
</div><p>First, a quick summary of Nvidia's path so far. The company is the leader in the AI chip market, and this has helped earnings and share performance to soar in recent years. Nvidia's earnings have climbed in the triple digits in most recent quarters on a year-over-year basis, and they've reached record levels into the billions of dollars. The company's revenue reached more than $35 billion in the latest quarter, driven by demand from AI customers.</p>
<div class="lb-trans"><p>首先，快速回顾一下 Nvidia 迄今为止的发展历程。该公司是 AI 芯片市场的领导者，这帮助其收益和股价在近年来飙升。Nvidia 的收益在最近几个季度同比增长了三位数，并达到了数十亿美元的创纪录水平。该公司的收入在最新季度超过了 350 亿美元，主要受到 AI 客户需求的推动。</p>
</div><p>Nvidia sells graphics processing units (GPUs) as well as related products and services to some of the world's biggest tech companies, from <strong>Microsoft</strong> to <strong>Alphabet</strong>. The chip powerhouse has stayed ahead of rivals thanks to its focus on innovation -- pledging to update its GPUs annually -- and this should help it to maintain that position. In fact, the company right now is ramping up production of its much-awaited new platform -- the Blackwell architecture and chip -- and demand for it has surpassed supply.</p>
<div class="lb-trans"><p>Nvidia 向一些全球最大的科技公司销售图形处理单元（GPU）以及相关产品和服务，从 <strong>微软</strong> 到 <strong>Alphabet</strong>。这家芯片巨头凭借其对创新的关注保持领先地位——承诺每年更新其 GPU——这应该有助于其维持这一地位。事实上，该公司目前正在加大对其备受期待的新平台——Blackwell 架构和芯片的生产，而对其的需求已经超过了供应。</p>
</div><p>Nvidia's stock has climbed about 14% since its June stock split, but it's important to remember that the stock split itself isn't the reason for this performance. Investors won't buy a stock just because it's split, since the operation doesn't change anything fundamental about the company. Nvidia's recent gains, instead, are a sign that investors are optimistic about the Blackwell launch and Nvidia's future in general.</p>
<div class="lb-trans"><p>自 6 月股票拆分以来，Nvidia 的股价上涨了约 14%，但重要的是要记住，股票拆分本身并不是这种表现的原因。投资者不会仅仅因为股票拆分而购买一只股票，因为这一操作并没有改变公司基本面的任何东西。Nvidia 最近的涨幅，反而是投资者对 Blackwell 发布和 Nvidia 未来的乐观情绪的体现。</p>
</div><h2>Nvidia's 10-for-1 stock split</h2>
<div class="lb-trans"><h2>Nvidia 的 10 比 1 股票拆分</h2>
</div><p>Now, let's talk about stock splits and consider whether a stock split is likely. As mentioned, these operations lower the price of a stock -- and they do this through the issuance of more shares to current holders. The ratio of the split will determine the final price. For example, Nvidia's 10-for-1 stock split this year brought the stock price down to about $120 from $1,200.</p>
<div class="lb-trans"><p>现在，让我们谈谈股票拆分，并考虑股票拆分的可能性。如前所述，这些操作通过向现有股东发行更多股票来降低股票价格。拆分的比例将决定最终价格。例如，Nvidia 今年的 10 比 1 股票拆分将股价从 1200 美元降至约 120 美元。</p>
</div><p>Nvidia has completed back-to-back stock splits twice in the past. It executed stock splits in June 2000, and then in September 2001. And it launched a split in April 2006 and then another in September 2007. So, it's possible to split a stock more than once within a short time span, and Nvidia has shown that it's fine with doing that.</p>
<div class="lb-trans"><p>Nvidia 在过去完成过两次连续的股票拆分。它在 2000 年 6 月和 2001 年 9 月进行了股票拆分。并且在 2006 年 4 月和 2007 年 9 月又进行了拆分。因此，在短时间内进行多次股票拆分是可能的，而 Nvidia 已经证明它对此没有问题。</p>
</div><p>But, looking ahead to the coming year, at this point, I wouldn't predict a stock split for Nvidia. At the current price of $138, the stock isn't out of reach for investors. The level of $1,000 a share represents a psychological barrier for some investors -- they may view the stock as expensive even if it isn't from a valuation standpoint. But Nvidia today clearly is far from that level.</p>
<div class="lb-trans"><p>但是，展望未来的一年，目前我不会预测 Nvidia 会进行股票拆分。在当前 138 美元的价格下，这只股票对投资者并不遥不可及。每股 1000 美元的水平对一些投资者来说是一个心理障碍——即使从估值的角度来看它并不贵，他们也可能会认为这只股票很贵。但今天的 Nvidia 显然远未达到这一水平。</p>
</div><h2>Nvidia's past stock splits</h2>
<div class="lb-trans"><h2>Nvidia 的历史股票拆分</h2>
</div><p>Of course, in the past, Nvidia split its stock when it traded for a much lower price than it does today, but Nvidia was at a completely different point in its story -- with much lower revenue -- back then. During those times, it was a good decision to launch a split and decrease the per-share price. Nvidia depended on serving video game customers, and annual revenue totaled around $800 million. Last year, with AI customers dominating sales, Nvidia's revenue topped $60 billion.</p>
<div class="lb-trans"><p>当然，在过去，Nvidia 在其交易价格远低于今天的情况下进行了股票拆分，但当时 Nvidia 正处于其故事的完全不同阶段——收入也远低于现在。在那些时候，进行拆分并降低每股价格是一个明智的决定。Nvidia 依赖于服务视频游戏客户，年收入约为 8 亿美元。去年，随着 AI 客户主导销售，Nvidia 的收入超过了 600 亿美元。</p>
</div><p>So, I think Nvidia is open to splits when they're needed. The company earlier this year, when announcing its split, said it aimed to make the stock more accessible to employees and investors. But I don't think such an operation is needed today, with Nvidia's shares trading around their current level -- and that means this tech giant that's wowed the market with its earnings and share price performance may not be next on the stock-split list.</p>
<div class="lb-trans"><p>所以，我认为 Nvidia 在需要时是开放于拆分的。今年早些时候，该公司在宣布拆分时表示，旨在使股票对员工和投资者更具可及性。但我认为在今天，Nvidia 的股票在当前水平交易并不需要这样的操作——这意味着这家以收益和股价表现震撼市场的科技巨头可能不会是下一个进行股票拆分的公司。</p>
</div>

Stock-Split Watch: Is Nvidia Next?

- 投资者喜欢股票拆分，因为它降低了每股价格，吸引更多投资者。  
- 英伟达近期因 AI 需求，收入达到数十亿美元，股价自拆分以来上涨约 14%。  
- 目前股价不高，预计英伟达短期内不会进行新的股票拆分。

股票拆分观察：英伟达会是下一个吗？