<p>人工智能（AI）数据分析公司 <strong>Palantir</strong>（PLTR -7.29%）近年来一直是投资者的热门股票。截至 10 月 1 日，今年股价上涨近 140%，过去五年上涨超过 1850%，成为人工智能热潮中最大的受益者之一。</p>
<p>公司可以通过股票拆分来人为操控其股价和流通股数量，而不改变公司的市值，但通常是出于特定原因，而非随机行为。在 Palantir 近年来的大幅上涨之后，股票拆分是否在即？</p>
<h2>公司为什么要拆分股票？</h2>
<p>管理团队可能出于多种原因考虑改变公司的流通股数量或股价。如果一只股票表现良好并大幅上涨，管理层可能希望降低其股价，以使公司的股票对所有投资者更具吸引力，从华尔街的 “聪明钱” 到普通散户投资者。传统的股票拆分还可以增加流通股数量，从而提高流动性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU2NzQvaW52ZXN0b3ItbG9va2luZy1hdC1tYW55LXNjcmVlbnMtb2YtZmluYW5jaWFsLWRhdGEuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU2NzQvaW52ZXN0b3ItbG9va2luZy1hdC1tYW55LXNjcmVlbnMtb2YtZmluYW5jaWFsLWRhdGEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>例如，假设一位投资者以每股 150 美元的价格购买了 100 股某公司的股票，总投资为 15,000 美元。如果该公司进行 3 比 1 的股票拆分，投资者将每持有一股股票换取三股新股票，从而使该投资者拥有 300 股。请记住，公司的市值——因此投资者的股权位置——将保持不变，因此股票的新股价将为 50 美元（15,000 美元/300）。</p>
<p>反向股票拆分则相反，增加股价并减少公司的流通股数量。如果公司面临违反主要证券交易所（如 <strong>纽约证券交易所</strong> 或 <strong>纳斯达克</strong>）合规规则的风险，可以进行反向股票拆分。</p>
<p>如果任何交易所的公司股票在连续 30 个交易日内每股交易价格低于 1 美元，最终可能会被退市。如果公司认为自己能够扭转局面并希望留在主要交易所，进行反向股票拆分可以为其争取一些时间。</p>
<h2>Palantir 会是下一个吗？</h2>
<p>尽管 Palantir 的市值大约为 4270 亿美元，但自 2020 年上市以来从未进行过股票拆分。Palantir 的股票交易接近每股 180 美元，远未接近违反任何纳斯达克合规规则。它也是一个炙手可热的股票，因此流动性并不是问题。</p>
<p>考虑到其上涨，理论上 Palantir 可以进行股票拆分以降低其股价，但我认为没有 compelling 的理由去这样做。Palantir 的股价并不显得遥不可及，我不确定拆分是否能解决投资者对公司估值的担忧。毕竟，股票拆分并不会改变股票的估值比率——尽管市场对拆分的反应往往会在短期内推动股价进一步上涨。</p>
<p>市场显然对 Palantir 情有独钟，但现在已经将估值推高到许多分析师认为不可持续的水平。尽管这家基于 AI 的数据分析专家有许多应用场景并且增长迅速，但其当前的交易市盈率为 279 倍，这意味着未来需要更大的增长。AI 股票已经吸引了市场，以至于看空投资者认为市场可能处于一个即将与 2000 年互联网泡沫相媲美的泡沫中，而那次泡沫最终破裂，留下了一系列失败的科技公司。</p>
<p>关于我们是否会再次经历这样的泡沫，尚无定论，但股票拆分不会对 Palantir 的未来产生影响。公司可以进行拆分，但显然并不需要。</p>

PLTR

<p>Palantir Technologies（PLTR）的股价今年上涨了近 140%，五年来上涨超过 1,850%。尽管其市值约为 4270 亿美元，Palantir 自 2020 年上市以来从未进行过股票拆分。虽然股票拆分可以提高流动性并使股票更易于获取，但分析师认为，Palantir 目前的估值为前瞻性市盈率 279 倍，可能不可持续。对于 Palantir 来说，股票拆分并不被认为是必要的，因为它并未解决潜在的估值问题</p>

<p>The artificial intelligence (AI) data analytics company <strong>Palantir</strong>(PLTR -7.29%) has been the stock to own in recent years. As of October 1, it's up nearly 140% this year and more than 1,850% over the past five years, making it one of the largest beneficiaries of the artificial intelligence boom.</p>
<div class="lb-trans"><p>人工智能（AI）数据分析公司 <strong>Palantir</strong>（PLTR -7.29%）近年来一直是投资者的热门股票。截至 10 月 1 日，今年股价上涨近 140%，过去五年上涨超过 1850%，成为人工智能热潮中最大的受益者之一。</p>
</div><p>Companies can use stock splits to artificially manipulate their share prices and outstanding share counts without changing a company's market cap, but they often do so for specific reasons and not at random. After Palantir's big move in recent years, is a stock split on the horizon?</p>
<div class="lb-trans"><p>公司可以通过股票拆分来人为操控其股价和流通股数量，而不改变公司的市值，但通常是出于特定原因，而非随机行为。在 Palantir 近年来的大幅上涨之后，股票拆分是否在即？</p>
</div><h2>Why do companies split their stocks?</h2>
<div class="lb-trans"><h2>公司为什么要拆分股票？</h2>
</div><p>Management teams may want to consider changing a company's outstanding share count or share price for several reasons. If a stock has performed well and gone on a big run, management may want to lower its share price to make the company's stock feel more attainable for all investors, from the &#34;smart money&#34; on Wall Street to the average retail investor. Traditional stock splits can also increase the share count, which can boost liquidity.</p>
<div class="lb-trans"><p>管理团队可能出于多种原因考虑改变公司的流通股数量或股价。如果一只股票表现良好并大幅上涨，管理层可能希望降低其股价，以使公司的股票对所有投资者更具吸引力，从华尔街的 “聪明钱” 到普通散户投资者。传统的股票拆分还可以增加流通股数量，从而提高流动性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU2NzQvaW52ZXN0b3ItbG9va2luZy1hdC1tYW55LXNjcmVlbnMtb2YtZmluYW5jaWFsLWRhdGEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835674%2Finvestor-looking-at-many-screens-of-financial-data.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>For example, let's say an investor purchased 100 shares of a company trading for $150 per share for a total equity investment of $15,000. If a company were to conduct a 3-for-1 stock split, an investor would exchange every share of the stock they owned for three new shares, giving that investor 300 shares. Remember, the market cap of the company -- and therefore an investor's equity position -- will remain the same, so the new share price of the stock would be $50 ($15,000/300).</p>
<div class="lb-trans"><p>例如，假设一位投资者以每股 150 美元的价格购买了 100 股某公司的股票，总投资为 15,000 美元。如果该公司进行 3 比 1 的股票拆分，投资者将每持有一股股票换取三股新股票，从而使该投资者拥有 300 股。请记住，公司的市值——因此投资者的股权位置——将保持不变，因此股票的新股价将为 50 美元（15,000 美元/300）。</p>
</div><p>A reverse stock split does the opposite, increasing the share price and lowering the share count of a company. Companies can conduct reverse stock splits if they are at risk of breaching compliance rules with a major stock exchange, such as the <strong>New York Stock Exchange</strong> or the <strong>Nasdaq</strong>.</p>
<div class="lb-trans"><p>反向股票拆分则相反，增加股价并减少公司的流通股数量。如果公司面临违反主要证券交易所（如 <strong>纽约证券交易所</strong> 或 <strong>纳斯达克</strong>）合规规则的风险，可以进行反向股票拆分。</p>
</div><p>If companies on either exchange trade for less than $1 per share for at least 30 consecutive trading days, they can eventually be delisted. If a company thinks it can turn things around and wants to remain on a major exchange, conducting a reverse stock split can buy it some time.</p>
<div class="lb-trans"><p>如果任何交易所的公司股票在连续 30 个交易日内每股交易价格低于 1 美元，最终可能会被退市。如果公司认为自己能够扭转局面并希望留在主要交易所，进行反向股票拆分可以为其争取一些时间。</p>
</div><h2>Is Palantir next?</h2>
<div class="lb-trans"><h2>Palantir 会是下一个吗？</h2>
</div><p>Despite its dazzling rise to a roughly $427 billion market cap, Palantir has never conducted a stock split since going public in 2020. Trading close to $180 per share, Palantir stock isn't close to breaching any Nasdaq compliance rules. It's also been one of the hottest stocks in a sizzling sector, so liquidity isn't an issue.</p>
<div class="lb-trans"><p>尽管 Palantir 的市值大约为 4270 亿美元，但自 2020 年上市以来从未进行过股票拆分。Palantir 的股票交易接近每股 180 美元，远未接近违反任何纳斯达克合规规则。它也是一个炙手可热的股票，因此流动性并不是问题。</p>
</div><p>Given its rise, Palantir, in theory, could conduct a stock split if it wanted to lower its share price, but I don't see a compelling reason to do this. Palantir's stock price doesn't necessarily feel out of reach, and I'm not sure a split would accomplish much in terms of the problems that investors have with the company's valuation. Adter all, stock splits don't change the stock's valuation ratios at all -- though the market reaction to a split often drives the stock even higher for a short while.</p>
<div class="lb-trans"><p>考虑到其上涨，理论上 Palantir 可以进行股票拆分以降低其股价，但我认为没有 compelling 的理由去这样做。Palantir 的股价并不显得遥不可及，我不确定拆分是否能解决投资者对公司估值的担忧。毕竟，股票拆分并不会改变股票的估值比率——尽管市场对拆分的反应往往会在短期内推动股价进一步上涨。</p>
</div><p>The market clearly loves Palantir, but has now pushed the valuation to a level that many analysts believe is unsustainable. While the AI -based data analytics expert has many use cases and is growing fast, it also now trades at 279 times forward earnings, which implies even more growth to come. AI stocks have captivated the market to the point where bearish investors believe the market may be in a bubble set to soon rival the Dot-Com bubble in 2000, which eventually popped and left a trail of failed tech companies.</p>
<div class="lb-trans"><p>市场显然对 Palantir 情有独钟，但现在已经将估值推高到许多分析师认为不可持续的水平。尽管这家基于 AI 的数据分析专家有许多应用场景并且增长迅速，但其当前的交易市盈率为 279 倍，这意味着未来需要更大的增长。AI 股票已经吸引了市场，以至于看空投资者认为市场可能处于一个即将与 2000 年互联网泡沫相媲美的泡沫中，而那次泡沫最终破裂，留下了一系列失败的科技公司。</p>
</div><p>The jury remains out on whether we're in for another bubble like that, but a stock split isn't going to impact Palantir's future one way or the other. The company could do one, but certainly doesn't need to.</p>
<div class="lb-trans"><p>关于我们是否会再次经历这样的泡沫，尚无定论，但股票拆分不会对 Palantir 的未来产生影响。公司可以进行拆分，但显然并不需要。</p>
</div>

Stock-Split Watch: Is Palantir Next?

- Palantir 股价今年上涨近 140%，市值约 4270 亿美元。  
- 尽管未进行过股票拆分，管理层可能考虑降低股价以吸引更多投资者。  
- 股票拆分不会改变估值比率，市场对 Palantir 的热情依然高涨。

股票拆分观察：Palantir 会是下一个吗？