Apple Hoards $15B—Why?

Regulatory filings reveal Apple has $15.4 billion stockpiled, leading to curiosity about its plans for the cash. The company itself hasn't offered much of an answer, but in its Big Tech blog, Fortune speculates Apple could acquire smaller companies, perhaps buying its way into a new area like social networking, though history suggests it won't be making any big acquisitions.

The company has given few clues apart from comments by the CFO that cash is useful for big projects and that "we do discuss share buyback and other forms of returning cash to the shareholders with the board from time to time." But Fortune suggests such measures would offer Apple little value while its stock continues to skyrocket. (More Apple stories.)