By Philip Elmer-DeWitt
June 1, 2012

FORTUNE — Bullish Cross‘ Andy Zaky has published his estimates for Apple’s (AAPL) projected growth in cash and marketable securities through the end of fiscal 2013.

If Apple’s earnings grow as he expects, the company’s holdings — currently at $110 billion — will reach $205 billion by September 2013. That’s more than the combined market caps of Intel (INTC), Hewlett Packard (HPQ) Dell (DELL),

In the annotated chart below the fold, he points out that by the end of fiscal Q4 2013, Apple’s cash per share will represent nearly 40% of the stocks’ current trading value.

 

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