<p>除了少数例外，投资者在过去三十多年里一直有下一个大趋势或创新来吸引他们的注意力（和可用资金）。在过去两年半中，人工智能（AI）的崛起成为推动 <strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 创下新高的主要催化剂。</p>
<p>但人工智能并不是华尔街牛市在十月庆祝其第二个周年纪念的唯一原因。投资者对一些有影响力企业宣布的股票拆分的兴奋也推动了更广泛市场的上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3Njcvc3RvY2stY2VydGlmaWNhdGUtc3BsaXQtcHVibGljLWNvbXBhbnktc2hhcmVzLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3Njcvc3RvY2stY2VydGlmaWNhdGUtc3BsaXQtcHVibGljLWNvbXBhbnktc2hhcmVzLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>股票拆分是一种事件，使上市公司能够按相同的幅度调整其股价和流通股数量。这些变化纯粹是表面上的，不会导致公司市值或经营业绩的调整。</p>
<p>虽然股票拆分有两种类型，但在投资者眼中，它们显然并不平等。反向拆分，即提高公司的股价并按相同的比例减少其流通股数量，通常会受到投资者的反感。这种类型的拆分通常是在经营疲弱的情况下进行，通常是为了避免从主要证券交易所退市。</p>
<p>与此同时，投资者绝对喜欢上市公司进行正向股票拆分。这种类型的拆分旨在降低公司的股价，使其对无法通过经纪人购买部分股份的投资者更具名义上的可负担性。</p>
<p>进行正向拆分的企业几乎总是在创新和执行方面超越同行。去年，包括 <strong>英伟达</strong>、<strong>博通</strong>、<strong>墨西哥卷饼</strong> 和 <strong>沃尔玛</strong> 在内的十多只知名股票完成了正向拆分。</p>
<p>截至 2025 年，目前已有三家知名企业进行了拆分，很快可能会有第四家……</p>
<h2>股票拆分股票在 2025 年开始成为焦点</h2>
<p>尽管股票拆分的狂热在今年初起步缓慢，但宣布进行正向拆分的行业领先企业数量最近有所增加。</p>
<p>事情始于汽车零部件供应商 <strong>O'Reilly Automotive</strong>（ORLY -0.11%）在三月中旬宣布其有史以来最大的股票拆分：15 股合 1。如果在 O'Reilly 于 5 月 15 日的年度会议上获得公司股东的批准，将于 6 月 9 日交易结束后生效。</p>
<p>由于公司令人羡慕的股票回购计划，O'Reilly 的股票几乎势不可挡。自 2011 年以来，O'Reilly Automotive 已回购近 260 亿美元的普通股，流通股数量减少了 59.4%。拥有稳定或增长的净收入和持续回购计划的公司往往会看到每股收益（EPS）上升。</p>
<p>自动化电子经纪公司 <strong>盈透证券</strong>（IBKR 0.58%）在四月中旬加入了这一行列，宣布其首次股票拆分——4 股合 1——预计将在 6 月 17 日交易结束后生效。</p>
<p>盈透证券受益于美国经济的长期增长和华尔街（普遍）持续的乐观情绪。在过去两年中，其客户基础、客户在其平台上持有的股权金额以及账户持有者完成的交易数量均有所增长。再加上保证金贷款的利率上升，这对这家知名经纪公司来说几乎是一个完美的场景。</p>
<p>第三家参与此活动的知名企业是工业和建筑材料批发分销商 <strong>快扣</strong>（FAST -0.95%）。这是快扣作为上市公司 38 年来的第九次拆分——它将在 5 月 21 日收盘后完成 2 股合 1 的正向拆分——自首次公开募股以来，其股价几乎上涨了 125,000%。</p>
<p>除了其强大的周期性联系外，快扣的供应链整合和创新也非常突出。该公司的现场互联网连接 FASTVend 解决方案有助于产生即时销售，并帮助快扣更好地理解客户的供应链需求和成本。</p>
<p>一个至关重要的问题是：哪家知名公司将成为华尔街下一个股票拆分的公司？</p>
<h2>选择下一个股票拆分的公司不仅仅是高股价</h2>
<p>表面上看，似乎有足够的候选公司进行正向拆分。截至 5 月 8 日收盘，有 50 只股票的股价至少为 500 美元。</p>
<p>但选择哪家公司将成为华尔街下一个股票拆分的公司，远不止筛选高股价。</p>
<p>例如，公司董事会必须有意愿使其股票对普通投资者名义上更便宜。像 <strong>伯克希尔哈撒韦</strong> 和 <strong>NVR</strong> 这样的公司对拆分其股票没有表现出兴趣，而 <strong>好市多</strong> 的管理团队则认为，广泛的部分股份购买渠道抵消了拆分其股票的必要性。</p>
<p>在决定哪家公司将下一个拆分时，另一个需要考虑的重要因素是机构与零售的持股比例。机构投资者通常管理数百万或数十亿美元的资产，不会受到上市公司高股价的限制。因此，拥有高机构持股的公司拆分股票的理由较弱。</p>
<p>例如，汽车零部件供应商 AutoZone、流媒体巨头 <strong>Netflix</strong> 和旅游网站 <strong>Booking Holdings</strong> 在 5 月 8 日的交易中分别以约 3675 美元、1144 美元和 5165 美元的股价结束。没有部分购买的情况下，一些零售投资者可能无法购买这些股票。</p>
<p>但深入挖掘后你会发现，普通投资者在 AutoZone、Netflix 和 Booking Holdings 的股份持有比例分别仅为 11.3%、19.6% 和 9.8%。这些公司没有立即的动机进行拆股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3Njcvc3RvY2stY2hhcnQtcXVvdGUtYmVhci1idWxsLXRyYWRpbmctaW52ZXN0LXNob3J0LW9wdGlvbnMtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3Njcvc3RvY2stY2hhcnQtcXVvdGUtYmVhci1idWxsLXRyYWRpbmctaW52ZXN0LXNob3J0LW9wdGlvbnMtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>这是华尔街下一个合乎逻辑的拆股股票</h2>
<p>然而，有一家公司是合乎逻辑的拆股候选者：社交媒体巨头和 “七大奇迹” 成员，<strong>Meta Platforms</strong>（META -0.91%）。</p>
<p>为什么选择 Meta？首先，它的股价在二月份超过了 740 美元，目前仍徘徊在 600 美元左右。Meta 从未进行过拆股，但近 28% 的流通股由普通投资者持有。在我看来，这一显著更高的散户投资者持股比例使 Meta 成为拆股候选者中的佼佼者。</p>
<p>更重要的是，Meta 的股价应该继续上涨的基础原因，因此有必要在其名义股价对缺乏分拆购买能力的散户投资者造成负担之前进行拆股。</p>
<p>Meta 的核心是其社交媒体资产，包括 Facebook、Instagram、WhatsApp、Threads 和 Facebook Messenger 等主要平台。在三月份，Meta 的应用程序家族每天吸引了 34.3 亿活跃用户，超过任何其他社交媒体公司。由于拥有比其他平台更广泛的受众，Meta 通常具备卓越的广告定价能力。</p>
<p>目前，广告大约占公司净销售额的 98%，并且利润丰厚。</p>
<p>但 Meta 的未来也在很大程度上依赖于人工智能的发展。首席执行官马克·扎克伯格正在积极投资于 AI 加速的数据中心，这将有助于从公司的元宇宙雄心到改善 Facebook 社交媒体广告平台的功能和用户定位潜力等各个方面。</p>
<p>此外，Meta 还拥有大量资本。到三月底，它的现金、现金等价物和可交易证券超过 700 亿美元，并且在 2025 年前三个月的运营中产生了近 176 亿美元的净现金。扎克伯格有足够的时间慢慢推进潜在的颠覆性创新，以确保一切在推出时都恰到好处。</p>
<p>虽然有很多股票的交易价格在 500 美元（或更高）以上，但没有一只股票像 Meta Platforms 那样符合华尔街下一个拆股股票的标准。</p>

快扣

盈透证券

<p>这篇文章讨论了主要公司股票拆分的上升趋势，强调了它们对市场表现的影响。文章解释了正向拆分和反向拆分之间的区别，强调正向拆分通常受到投资者的青睐。像 O'Reilly Automotive、盈透证券和快扣等知名公司最近宣布了正向拆分，进一步激发了市场的兴奋。文章提出了下一个将进行股票拆分的公司会是谁的问题，并指出高股价并不是这一决定的唯一因素</p>

<p>With few exceptions, investors have had a next-big-thing trend or innovation to captivate their attention (and available cash) for more than three decades. Over the last two and a half years, the rise of artificial intelligence (AI) has served as the primary catalyst that's lifted the <strong>Dow Jones Industrial Average</strong>, <strong>S&amp;P 500</strong>, and <strong>Nasdaq Composite</strong> to new highs.</p>
<div class="lb-trans"><p>除了少数例外，投资者在过去三十多年里一直有下一个大趋势或创新来吸引他们的注意力（和可用资金）。在过去两年半中，人工智能（AI）的崛起成为推动 <strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 创下新高的主要催化剂。</p>
</div><p>But AI isn't the only reason Wall Street's bull market celebrated its second anniversary in October. Investor excitement surrounding announced stock splits in influential businesses has also propelled the broader market higher.</p>
<div class="lb-trans"><p>但人工智能并不是华尔街牛市在十月庆祝其第二个周年纪念的唯一原因。投资者对一些有影响力企业宣布的股票拆分的兴奋也推动了更广泛市场的上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3Njcvc3RvY2stY2VydGlmaWNhdGUtc3BsaXQtcHVibGljLWNvbXBhbnktc2hhcmVzLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817767%2Fstock-certificate-split-public-company-shares-invest-getty.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><p>A stock split is an event that enables a publicly traded company to adjust its share price and outstanding share count by the same magnitude. These changes are purely cosmetic and don't result in adjustments to a company's market cap or operating performance.</p>
<div class="lb-trans"><p>股票拆分是一种事件，使上市公司能够按相同的幅度调整其股价和流通股数量。这些变化纯粹是表面上的，不会导致公司市值或经营业绩的调整。</p>
</div><p>While stock splits come in two varieties, they're certainly not equal in the eyes of investors. Reverse splits, which entail increasing a company's share price and reducing its share count by the same factor, are typically frowned on by investors. This type of split is usually undertaken from a position of operating weakness and is often enacted to avoid delisting from a major stock exchange.</p>
<div class="lb-trans"><p>虽然股票拆分有两种类型，但在投资者眼中，它们显然并不平等。反向拆分，即提高公司的股价并按相同的比例减少其流通股数量，通常会受到投资者的反感。这种类型的拆分通常是在经营疲弱的情况下进行，通常是为了避免从主要证券交易所退市。</p>
</div><p>Meanwhile, investors absolutely love public companies completing forward stock splits. This type of split aims to reduce a company's share price to make it more nominally affordable for investors who can't purchase fractional shares through their broker.</p>
<div class="lb-trans"><p>与此同时，投资者绝对喜欢上市公司进行正向股票拆分。这种类型的拆分旨在降低公司的股价，使其对无法通过经纪人购买部分股份的投资者更具名义上的可负担性。</p>
</div><p>Businesses conducting forward splits almost always outpace their peers in terms of innovation and execution. Last year, more than a dozen prominent stocks, including <strong>Nvidia</strong>, <strong>Broadcom</strong>, <strong>Chipotle Mexican Grill</strong>, and <strong>Walmart</strong>, completed forward splits.</p>
<div class="lb-trans"><p>进行正向拆分的企业几乎总是在创新和执行方面超越同行。去年，包括 <strong>英伟达</strong>、<strong>博通</strong>、<strong>墨西哥卷饼</strong> 和 <strong>沃尔玛</strong> 在内的十多只知名股票完成了正向拆分。</p>
</div><p>Thus far in 2025, three brand-name businesses have taken the plunge, and very soon there may be a fourth...</p>
<div class="lb-trans"><p>截至 2025 年，目前已有三家知名企业进行了拆分，很快可能会有第四家……</p>
</div><h2>Stock-split stocks are beginning to take center stage in 2025</h2>
<div class="lb-trans"><h2>股票拆分股票在 2025 年开始成为焦点</h2>
</div><p>Although stock-split euphoria got off to a slow start this year, the number of industry-leading businesses announcing forward splits has picked up recently.</p>
<div class="lb-trans"><p>尽管股票拆分的狂热在今年初起步缓慢，但宣布进行正向拆分的行业领先企业数量最近有所增加。</p>
</div><p>Things kicked off with auto parts supplier <strong>O'Reilly Automotive</strong>(ORLY -0.11%) announcing its largest stock split on record in mid-March: 15-for-1. If approved by the company's shareholders during O'Reilly's annual meeting on May 15, it'll take effect after the close of trading on June 9.</p>
<div class="lb-trans"><p>事情始于汽车零部件供应商 <strong>O'Reilly Automotive</strong>（ORLY -0.11%）在三月中旬宣布其有史以来最大的股票拆分：15 股合 1。如果在 O'Reilly 于 5 月 15 日的年度会议上获得公司股东的批准，将于 6 月 9 日交易结束后生效。</p>
</div><p>O'Reilly's stock has been virtually unstoppable thanks to the company's enviable share repurchase program. Following in the footsteps of rival <strong>AutoZone</strong>, O'Reilly Automotive has bought back almost $26 billion worth of its common stock since 2011 began, reducing its outstanding share count by 59.4%. Companies with steady or growing net income and a persistent buyback program tend to see their earnings per share (EPS) climb.</p>
<div class="lb-trans"><p>由于公司令人羡慕的股票回购计划，O'Reilly 的股票几乎势不可挡。自 2011 年以来，O'Reilly Automotive 已回购近 260 亿美元的普通股，流通股数量减少了 59.4%。拥有稳定或增长的净收入和持续回购计划的公司往往会看到每股收益（EPS）上升。</p>
</div><p>Automated electronic brokerage company <strong>Interactive Brokers Group</strong>(IBKR 0.58%) joined the party in mid-April by announcing its first-ever stock split -- 4-for-1 -- which is slated to go into effect following the close of trading on June 17.</p>
<div class="lb-trans"><p>自动化电子经纪公司 <strong>盈透证券</strong>（IBKR 0.58%）在四月中旬加入了这一行列，宣布其首次股票拆分——4 股合 1——预计将在 6 月 17 日交易结束后生效。</p>
</div><p>Interactive Brokers has benefited from a lengthy period of growth for the U.S. economy and (generally) sustained optimism on Wall Street. It's seen its customer base, the amount of equity held by customers on its platform, and the number of trades completed by its accountholders all grow over the last two years. Sprinkle in higher interest rates on margin loans, and it's been a near-perfect scenario for this well-known brokerage firm.</p>
<div class="lb-trans"><p>盈透证券受益于美国经济的长期增长和华尔街（普遍）持续的乐观情绪。在过去两年中，其客户基础、客户在其平台上持有的股权金额以及账户持有者完成的交易数量均有所增长。再加上保证金贷款的利率上升，这对这家知名经纪公司来说几乎是一个完美的场景。</p>
</div><p>The third brand-name business getting in on the act is industrial and construction supplies wholesale distributor <strong>Fastenal</strong>(FAST -0.95%). This will be Fastenal's ninth split in 38 years as a public company -- it's completing a 2-for-1 forward split after the closing bell on May 21 -- with its shares catapulting higher by almost 125,000% since its initial public offering.</p>
<div class="lb-trans"><p>第三家参与此活动的知名企业是工业和建筑材料批发分销商 <strong>快扣</strong>（FAST -0.95%）。这是快扣作为上市公司 38 年来的第九次拆分——它将在 5 月 21 日收盘后完成 2 股合 1 的正向拆分——自首次公开募股以来，其股价几乎上涨了 125,000%。</p>
</div><p>Aside from its strong cyclical ties, Fastenal's supply chain integration and innovation are what stand out. The company's on-site, internet-connected FASTVend solutions help generate immediate sales and aid Fastenal in better understanding the supply chain needs and costs of its clients.</p>
<div class="lb-trans"><p>除了其强大的周期性联系外，快扣的供应链整合和创新也非常突出。该公司的现场互联网连接 FASTVend 解决方案有助于产生即时销售，并帮助快扣更好地理解客户的供应链需求和成本。</p>
</div><p>The all-important question is this: Which brand-name company will be Wall Street's next stock-split stock?</p>
<div class="lb-trans"><p>一个至关重要的问题是：哪家知名公司将成为华尔街下一个股票拆分的公司？</p>
</div><h2>There's more to picking out the next stock split than a high share price</h2>
<div class="lb-trans"><h2>选择下一个股票拆分的公司不仅仅是高股价</h2>
</div><p>On the surface, there would seem to be more than enough candidates to conduct a forward split. As of the closing bell on May 8, 50 stocks ended the session with a share price of at least $500.</p>
<div class="lb-trans"><p>表面上看，似乎有足够的候选公司进行正向拆分。截至 5 月 8 日收盘，有 50 只股票的股价至少为 500 美元。</p>
</div><p>But there's a lot more to choosing which company is Wall Street's next stock-split stock than simply screening for a high share price.</p>
<div class="lb-trans"><p>但选择哪家公司将成为华尔街下一个股票拆分的公司，远不止筛选高股价。</p>
</div><p>For instance, there has to be a desire for a company's board to make its shares nominally cheaper for everyday investors. Companies like <strong>Berkshire Hathaway</strong> and <strong>NVR</strong> have demonstrated no interest in splitting their stock, while <strong>Costco Wholesale</strong>'s management team feels confident that broad-based access to fractional-share purchasing offsets the need to split its stock.</p>
<div class="lb-trans"><p>例如，公司董事会必须有意愿使其股票对普通投资者名义上更便宜。像 <strong>伯克希尔哈撒韦</strong> 和 <strong>NVR</strong> 这样的公司对拆分其股票没有表现出兴趣，而 <strong>好市多</strong> 的管理团队则认为，广泛的部分股份购买渠道抵消了拆分其股票的必要性。</p>
</div><p>The other big puzzle piece that needs to be taken into account when deciding which company is going to split next is institutional-versus-retail ownership. Institutional investors, who often deal with millions or billions of dollars in assets under management, aren't constrained by a public company having a high share price. Therefore, companies with high institutional ownership have a weak case for splitting their stock.</p>
<div class="lb-trans"><p>在决定哪家公司将下一个拆分时，另一个需要考虑的重要因素是机构与零售的持股比例。机构投资者通常管理数百万或数十亿美元的资产，不会受到上市公司高股价的限制。因此，拥有高机构持股的公司拆分股票的理由较弱。</p>
</div><p>For example, auto parts supplier AutoZone, streaming goliath <strong>Netflix</strong>, and travel site <strong>Booking Holdings</strong> ended the May 8 session at roughly $3,675 per share, $1,144 per share, and $5,165 per share, respectively. Without fractional purchasing, some retail investors may be unable to buy these stocks.</p>
<div class="lb-trans"><p>例如，汽车零部件供应商 AutoZone、流媒体巨头 <strong>Netflix</strong> 和旅游网站 <strong>Booking Holdings</strong> 在 5 月 8 日的交易中分别以约 3675 美元、1144 美元和 5165 美元的股价结束。没有部分购买的情况下，一些零售投资者可能无法购买这些股票。</p>
</div><p>But dig a bit deeper, and you'll find that everyday investors make up just 11.3%, 19.6%, and 9.8%, respectively, of the share ownership for AutoZone, Netflix, and Booking Holdings. There's no immediate incentive for these companies to conduct a split.</p>
<div class="lb-trans"><p>但深入挖掘后你会发现，普通投资者在 AutoZone、Netflix 和 Booking Holdings 的股份持有比例分别仅为 11.3%、19.6% 和 9.8%。这些公司没有立即的动机进行拆股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc3Njcvc3RvY2stY2hhcnQtcXVvdGUtYmVhci1idWxsLXRyYWRpbmctaW52ZXN0LXNob3J0LW9wdGlvbnMtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817767%2Fstock-chart-quote-bear-bull-trading-invest-short-options-getty.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>This is Wall Street's next logical stock-split stock</h2>
<div class="lb-trans"><h2>这是华尔街下一个合乎逻辑的拆股股票</h2>
</div><p>However, there is one company that makes for a logical stock split candidate: social media colossus and &#34;Magnificent Seven&#34; member, <strong>Meta Platforms</strong>(META -0.91%).</p>
<div class="lb-trans"><p>然而，有一家公司是合乎逻辑的拆股候选者：社交媒体巨头和 “七大奇迹” 成员，<strong>Meta Platforms</strong>（META -0.91%）。</p>
</div><p>Why Meta? For starters, its share price surpassed $740 in February and is still hovering around $600, as of this writing. Meta has never conducted a stock split, but nearly 28% of its outstanding shares are held by everyday investors. This notably higher percentage of retail investor ownership, in my view, moves Meta to the front of the line of stock-split candidates.</p>
<div class="lb-trans"><p>为什么选择 Meta？首先，它的股价在二月份超过了 740 美元，目前仍徘徊在 600 美元左右。Meta 从未进行过拆股，但近 28% 的流通股由普通投资者持有。在我看来，这一显著更高的散户投资者持股比例使 Meta 成为拆股候选者中的佼佼者。</p>
</div><p>More importantly, there are foundational reasons its share price should continue to head higher, thus incenting the need to split its stock now before its nominal share price becomes burdensome on retail investors who lack access to fractional-share purchasing.</p>
<div class="lb-trans"><p>更重要的是，Meta 的股价应该继续上涨的基础原因，因此有必要在其名义股价对缺乏分拆购买能力的散户投资者造成负担之前进行拆股。</p>
</div><p>Meta's backbone is its social media assets, which include leading destinations like Facebook, Instagram, WhatsApp, Threads, and Facebook Messenger. In March, Meta's family of apps collectively attracted 3.43 billion daily active people, more than any other social media-oriented company. With a broader audience than any other platform, Meta often possesses exceptional ad-pricing power.</p>
<div class="lb-trans"><p>Meta 的核心是其社交媒体资产，包括 Facebook、Instagram、WhatsApp、Threads 和 Facebook Messenger 等主要平台。在三月份，Meta 的应用程序家族每天吸引了 34.3 亿活跃用户，超过任何其他社交媒体公司。由于拥有比其他平台更广泛的受众，Meta 通常具备卓越的广告定价能力。</p>
</div><p>For the time being, advertising accounts for roughly 98% of the company's net sales and is highly profitable.</p>
<div class="lb-trans"><p>目前，广告大约占公司净销售额的 98%，并且利润丰厚。</p>
</div><p>But Meta's future is also heavily reliant on the evolution of AI. CEO Mark Zuckerberg is investing aggressively in AI-accelerated data centers, which should help with everything from the company's ongoing metaverse ambitions to improving the functionality and user-targeting potential of Facebook's social media advertising platforms.</p>
<div class="lb-trans"><p>但 Meta 的未来也在很大程度上依赖于人工智能的发展。首席执行官马克·扎克伯格正在积极投资于 AI 加速的数据中心，这将有助于从公司的元宇宙雄心到改善 Facebook 社交媒体广告平台的功能和用户定位潜力等各个方面。</p>
</div><p>To round things out, Meta is sitting on a mountain of capital. It closed out March with north of $70 billion in cash, cash equivalents, and marketable securities, and its operations generated close to $17.6 billion in net cash during just the first three months of 2025. Zuckerberg has the luxury of slow-stepping the development of potentially game-changing innovations to ensure everything is just right when launched.</p>
<div class="lb-trans"><p>此外，Meta 还拥有大量资本。到三月底，它的现金、现金等价物和可交易证券超过 700 亿美元，并且在 2025 年前三个月的运营中产生了近 176 亿美元的净现金。扎克伯格有足够的时间慢慢推进潜在的颠覆性创新，以确保一切在推出时都恰到好处。</p>
</div><p>There may be plenty of stocks trading for $500 (or more) per share, but none fits the mold of Wall Street's next stock-split stock quite like Meta Platforms.</p>
<div class="lb-trans"><p>虽然有很多股票的交易价格在 500 美元（或更高）以上，但没有一只股票像 Meta Platforms 那样符合华尔街下一个拆股股票的标准。</p>
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华尔街下一个拆股公司的唯一合理选择，并不是你所想的那家公司