Angelo Zino, an analyst who tracks Apple for CFRA Research, expects the company will take advantage of the tax break to bring back "nearly all of its international cash."
Once it does, Zino says Apple's top priority will likely be "accelerated" share buybacks. Apple has already committed to a $300 billion capital return program that includes buybacks and dividends for shareholders.
Analysts with Barclays echoed Zino's prediction in an investor note last week listing off the "most likely" uses for Apple's repatriated cash: "Significant capital returns and possibly a small ramp up in acquisitions."
Noticeably absent from the list: Reinvesting the money in American workers, either through expanding its operations and supply chain at home, or substantial pay increases for U.S. employees.