By all accounts, 2022 was something of a dumpster fire for many investors as the stock market plunged to levels not seen in more than a decade. So far this year, however, Wall Street has done an abrupt about-face, with each of the major market indexes climbing more than 20% from their respective troughs. This could mark the beginning of the next bull market, though some investors are waiting for the market indexes to notch new heights -- just to be sure.

One thing that hasn't changed is investor enthusiasm for stocks that split their shares, and many investors are turning to the Class of 2022 for inspiration. While stock splits don't change the underlying value of the company, they are typically preceded by a strong track record of robust performance, ultimately leading a company to split its high-priced shares. High-profile stock splits executed in 2022 include:

  • Amazon (AMZN -3.29%): a 20-for-1 split payable June 3, 2022. 
  • DexCom: a 4-for-1 split payable June 10, 2022. 
  • Shopify: a 10-for-1 split payable June 28, 2022
  • Alphabet (GOOGL -2.03%) (GOOG -1.94%): a 20-for-1 split payable July 15, 2022.
  • Tesla: a 3-for-1 split payable Aug. 24, 2022.
  • Palo Alto Networks: a 3-for-1 split payable Sept. 13, 2022.

While the broader market recovery buoyed many of last year's big losers, there are still bargains to be had, even among this group of stalwarts. Here are two of these stock-split stocks investors should buy hand over fist right now and never sell.

Stock-split buy No. 1: Alphabet

Alphabet stock is an investor favorite, and a quick look at the stock chart helps illustrate why. In the decade leading up to its split, the company's share price climbed by more than 500% -- even after shedding 39% last year. Helping drive its ascent was an enviable financial performance that increased revenue by 442% and net income that surged 518%.

Helping fuel those stunning financial gains was equally dominant operational excellence. Google's lead in internet search is unrivaled, with 92% of the worldwide search market, a share it has held for more than a decade, according to data supplied by web traffic analytics provider StatCounter. This market dominance is unlikely to change soon.

While search provides the foundation, it's Alphabet's industry-leading digital advertising that pays the bills. The company controlled roughly 30% of worldwide internet ad sales last year, according to data compiled by online industry publication Digiday. While the recent downturn weighed on Google's adtech business, there are signs a recovery in the advertising market has begun.

Then there's Alphabet's cloud computing segment, Google Cloud. The company controls roughly 9% of the worldwide cloud infrastructure market, behind just Amazon Web Services (AWS) and Microsoft, with 30% and 26%, respectively, according to cloud research firm Canalys. Perhaps more importantly to investors, Google Cloud is growing faster than its well-heeled rivals, suggesting it is stealing market share. 

One of the most significant opportunities these days is recent developments in artificial intelligence (AI). Advancements in computing horsepower, large data sets, and next-generation algorithms gave rise to generative AI, which is currently sweeping the tech world. Alphabet is one of the few companies with both the resources and the cloud delivery channel necessary to profit from these advances by integrating AI tools into its suite of products and services and offering them to Google Cloud users.

Despite its history of excellence and the vast opportunity ahead, Alphabet stock is still remarkably cheap. The stock currently trades at 21 times next year's earnings, cheaper than the S&P 500's price-to-earnings (P/E) ratio of nearly 26. Alphabet stock has rarely been cheaper, so this is one stock-split stock investors should be buying hand over fist before Wall Street comes to its senses.

Stock-split buy No. 2: Amazon

Another industry leader that's dirt-cheap right now is Amazon. When the company split its shares last year, it was for good reason. During the decade between 2012 and 2021 -- before the one-two punch of a weakening economy and rampant inflation crushed consumer spending -- the online retail specialist grew its stock price by 1,830%. Helping fuel those stock price gains were revenue gains of 688% and net income that soared 7,990%. 

The company is the unrivaled leader in the e-commerce industry, controlling an estimated 38% of the U.S. market -- more than its next 14 rivals combined -- according to online data provider Statista. If that weren't enough, Amazon is also the second-largest global retailer, according to Deloitte's 2022 Global Powers of Retailing Report. This dominance is unlikely to change -- at least not any time soon -- and the ongoing economic recovery will no doubt increase Amazon's fortunes. 

The company also continues to lead cloud infrastructure services, an industry it pioneered, controlling 30% of the market. The accelerating adoption of generative AI could also boost its cloud growth, by offering AI products and services to its captive audience.

Another important growth area for Amazon is online advertising. The company parlayed the digital real estate on its online store into a virtual billboard, making it the third-largest digital advertiser in the U.S. and the fourth-largest worldwide. Amazon is also leveraging its adtech business via its homegrown, ad-supported streaming video channel Freevee and its ownership of IMDb -- the Internet Movie Database.

Despite its proclivities toward industry leadership and the vast opportunities ahead, Amazon is still selling for a song. The stock is trading for about 3 times next year's sales, still near its cheapest valuation since 2016. That's yet another reason investors should be buying Amazon hand over fist and holding for the long term.