Although hype surrounding the rise of artificial intelligence (AI) has been a key factor that's sent Wall Street's major stock indexes to record levels, it's important not to overlook the role stock-split euphoria has played in lifting the valuations of some of Wall Street's most-influential businesses this year.

A stock split is a tool publicly traded companies have at their disposal that can allow them to alter their share price and outstanding share count by the same factor. Keep in mind that stock splits are purely superficial -- i.e., they don't change a company's market cap, or in any way influence operating performance.

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Source Fool.com