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<?php $str= 'There must be a fast and efficient way to split a (text) string at the "nth" occurrence of a needle.'; var_export( preg_split('/([^ ]*\K ){2}/', $str) );
Output for 8.0.1 - 8.0.30, 8.1.0 - 8.1.28, 8.2.0 - 8.2.19, 8.3.0 - 8.3.7
array ( 0 => 'There must', 1 => 'be a', 2 => 'fast and', 3 => 'efficient way', 4 => 'to split', 5 => 'a (text)', 6 => 'string at', 7 => 'the "nth"', 8 => 'occurrence of', 9 => 'a needle.', )

preferences:
99.89 ms | 402 KiB | 91 Q