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From Fortune:
“Pop quiz: Which tech company has the most cash?

(A) IBM (IBM)
(B) Hewlett-Packard (HPQ)
(C) Intel (INTC)
(D) Google (GOOG)
(E) Apple (AAPL)

If you picked E, congratulations. Apple’s $15.4 billion stash is indeed the biggest of the group, putting the iPod maker in the elite ranks of well-heeled Fortune 500 tech companies. (Only Microsoft (MSFT) and Cisco Systems (CSCO) stockpile more.) And lately the stacks have been rising fast; Apple has added $5 billion to its coffers in the past year alone, according to regulatory filings.

Unlike Microsoft or Cisco though, Apple (AAPL) doesn’t pay a dividend, doesn’t make big acquisitions, and doesn’t buy back many shares. Last month the company reported that since 1999, it has spent a relatively paltry $217 million to repurchase stock, though its board has authorized $500 million for that purpose.

So what does CEO Steve Jobs have in mind for all those greenbacks?

Traditional money managers would say he has to spend them somehow. Sure, a growing mound of cash looks impressive on financial reports; and a growing cash reserve also can be a sign of above-board profitability, since it’s easier for companies to play games with income numbers than with cash flow. But if the money just sits there, it smacks of waste.

When asked about Apple’s plans for the cash, a spokeswoman referred to chief financial officer Peter Oppenheimer’s statements earlier this year. When a Lehman Brothers analyst asked him where the money would go, Oppenheimer……”

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