<p>人工智能（AI）數據分析公司 <strong>Palantir</strong>（PLTR -7.29%）近年來一直是投資者的熱門股票。截至 10 月 1 日，今年股價上漲近 140%，過去五年上漲超過 1850%，成為人工智能熱潮中最大的受益者之一。</p>
<p>公司可以通過股票拆分來人為操控其股價和流通股數量，而不改變公司的市值，但通常是出於特定原因，而非隨機行為。在 Palantir 近年來的大幅上漲之後，股票拆分是否在即？</p>
<h2>公司為什麼要拆分股票？</h2>
<p>管理團隊可能出於多種原因考慮改變公司的流通股數量或股價。如果一隻股票表現良好並大幅上漲，管理層可能希望降低其股價，以使公司的股票對所有投資者更具吸引力，從華爾街的 “聰明錢” 到普通散户投資者。傳統的股票拆分還可以增加流通股數量，從而提高流動性。</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>圖片來源：Getty Images。</p>
<p>例如，假設一位投資者以每股 150 美元的價格購買了 100 股某公司的股票，總投資為 15,000 美元。如果該公司進行 3 比 1 的股票拆分，投資者將每持有一股股票換取三股新股票，從而使該投資者擁有 300 股。請記住，公司的市值——因此投資者的股權位置——將保持不變，因此股票的新股價將為 50 美元（15,000 美元/300）。</p>
<p>反向股票拆分則相反，增加股價並減少公司的流通股數量。如果公司面臨違反主要證券交易所（如 <strong>紐約證券交易所</strong> 或 <strong>納斯達克</strong>）合規規則的風險，可以進行反向股票拆分。</p>
<p>如果任何交易所的公司股票在連續 30 個交易日內每股交易價格低於 1 美元，最終可能會被退市。如果公司認為自己能夠扭轉局面並希望留在主要交易所，進行反向股票拆分可以為其爭取一些時間。</p>
<h2>Palantir 會是下一個嗎？</h2>
<p>儘管 Palantir 的市值大約為 4270 億美元，但自 2020 年上市以來從未進行過股票拆分。Palantir 的股票交易接近每股 180 美元，遠未接近違反任何納斯達克合規規則。它也是一個炙手可熱的股票，因此流動性並不是問題。</p>
<p>考慮到其上漲，理論上 Palantir 可以進行股票拆分以降低其股價，但我認為沒有 compelling 的理由去這樣做。Palantir 的股價並不顯得遙不可及，我不確定拆分是否能解決投資者對公司估值的擔憂。畢竟，股票拆分並不會改變股票的估值比率——儘管市場對拆分的反應往往會在短期內推動股價進一步上漲。</p>
<p>市場顯然對 Palantir 情有獨鍾，但現在已經將估值推高到許多分析師認為不可持續的水平。儘管這家基於 AI 的數據分析專家有許多應用場景並且增長迅速，但其當前的交易市盈率為 279 倍，這意味着未來需要更大的增長。AI 股票已經吸引了市場，以至於看空投資者認為市場可能處於一個即將與 2000 年互聯網泡沫相媲美的泡沫中，而那次泡沫最終破裂，留下了一系列失敗的科技公司。</p>
<p>關於我們是否會再次經歷這樣的泡沫，尚無定論，但股票拆分不會對 Palantir 的未來產生影響。公司可以進行拆分，但顯然並不需要。</p>

PLTR

<p>Palantir Technologies（PLTR）的股價今年上漲了近 140%，五年來上漲超過 1,850%。儘管其市值約為 4270 億美元，Palantir 自 2020 年上市以來從未進行過股票拆分。雖然股票拆分可以提高流動性並使股票更易於獲取，但分析師認為，Palantir 目前的估值為前瞻性市盈率 279 倍，可能不可持續。對於 Palantir 來説，股票拆分並不被認為是必要的，因為它並未解決潛在的估值問題</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）數據分析公司 <strong>Palantir</strong>（PLTR -7.29%）近年來一直是投資者的熱門股票。截至 10 月 1 日，今年股價上漲近 140%，過去五年上漲超過 1850%，成為人工智能熱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>公司可以通過股票拆分來人為操控其股價和流通股數量，而不改變公司的市值，但通常是出於特定原因，而非隨機行為。在 Palantir 近年來的大幅上漲之後，股票拆分是否在即？</p>
</div><h2>Why do companies split their stocks?</h2>
<div class="lb-trans"><h2>公司為什麼要拆分股票？</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>管理團隊可能出於多種原因考慮改變公司的流通股數量或股價。如果一隻股票表現良好並大幅上漲，管理層可能希望降低其股價，以使公司的股票對所有投資者更具吸引力，從華爾街的 “聰明錢” 到普通散户投資者。傳統的股票拆分還可以增加流通股數量，從而提高流動性。</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>圖片來源：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，假設一位投資者以每股 150 美元的價格購買了 100 股某公司的股票，總投資為 15,000 美元。如果該公司進行 3 比 1 的股票拆分，投資者將每持有一股股票換取三股新股票，從而使該投資者擁有 300 股。請記住，公司的市值——因此投資者的股權位置——將保持不變，因此股票的新股價將為 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>反向股票拆分則相反，增加股價並減少公司的流通股數量。如果公司面臨違反主要證券交易所（如 <strong>紐約證券交易所</strong> 或 <strong>納斯達克</strong>）合規規則的風險，可以進行反向股票拆分。</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連續 30 個交易日內每股交易價格低於 1 美元，最終可能會被退市。如果公司認為自己能夠扭轉局面並希望留在主要交易所，進行反向股票拆分可以為其爭取一些時間。</p>
</div><h2>Is Palantir next?</h2>
<div class="lb-trans"><h2>Palantir 會是下一個嗎？</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>儘管 Palantir 的市值大約為 4270 億美元，但自 2020 年上市以來從未進行過股票拆分。Palantir 的股票交易接近每股 180 美元，遠未接近違反任何納斯達克合規規則。它也是一個炙手可熱的股票，因此流動性並不是問題。</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>考慮到其上漲，理論上 Palantir 可以進行股票拆分以降低其股價，但我認為沒有 compelling 的理由去這樣做。Palantir 的股價並不顯得遙不可及，我不確定拆分是否能解決投資者對公司估值的擔憂。畢竟，股票拆分並不會改變股票的估值比率——儘管市場對拆分的反應往往會在短期內推動股價進一步上漲。</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>市場顯然對 Palantir 情有獨鍾，但現在已經將估值推高到許多分析師認為不可持續的水平。儘管這家基於 AI 的數據分析專家有許多應用場景並且增長迅速，但其當前的交易市盈率為 279 倍，這意味着未來需要更大的增長。AI 股票已經吸引了市場，以至於看空投資者認為市場可能處於一個即將與 2000 年互聯網泡沫相媲美的泡沫中，而那次泡沫最終破裂，留下了一系列失敗的科技公司。</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>關於我們是否會再次經歷這樣的泡沫，尚無定論，但股票拆分不會對 Palantir 的未來產生影響。公司可以進行拆分，但顯然並不需要。</p>
</div>

Stock-Split Watch: Is Palantir Next?

- Palantir 股價今年上漲近 140%，市值約 4270 億美元。  
- 儘管未進行過股票拆分，管理層可能考慮降低股價以吸引更多投資者。  
- 股票拆分不會改變估值比率，市場對 Palantir 的熱情依然高漲。

股票拆分觀察：Palantir 會是下一個嗎？