As the Trump administration pushes for a tax holiday on overseas cash, no one stands to gain more than Apple  (AAPL - Get Report) .

The Cupertino, Calif., maker of iPhones and other coveted tech products reported $256.8 billion in cash after the market close on Tuesday. Of that, Moody's Investors Service estimates that $242.5 billion or so is offshore--the most of any U.S. company.

Apple is not historically a big spender in acquisitions, with the $3 billion purchase of Beats in 2014 marking its largest purchase. Dividends and buybacks would be bigger uses of cash than M&A.

In niches from smart cars to home audio and artificial intelligence, where competitors such as Alphabet (GOOGL - Get Report) , Amazon.com  (AMZN - Get Report) and Facebook (FB - Get Report) have made strides, however, Apple could use repatriated cash to buy tech. Morgan Stanley analyst Adam Jonas seemingly suggested on Tesla's (TSLA - Get Report)  earnings call Wednesday that the electric car maker could a target for Apple given it's cash hoard, though that seems like a long shot.

Apple recently gained clearance to test autonomous cars on California's roads, Christian Renaud, Research Director for the Internet of Things at 451 Research LLC, noted in an email. Advanced driver assistance systems or autonomous vehicle technology could be on Apple's shopping list, whether the company partners with a car maker or develops a vehicle on its own.

"Either way, that leads to M&A in that segment," Renaud wrote.

Civil Maps, which develops maps to guide autonomous cars, could interest Apple, Renaud said. The company has backing from Motus Ventures, Ford Motor (F - Get Report) and Yahoo  (YHOO) co-founder Jerry Yang's AME Cloud Ventures.

Video telematics and safety technology company Lytx could also appeal to Apple. Private equity firm GTCR bought Lytx for more than $500 million in 2016.

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Apple could also augment its HomeKit platform. While Renaud does not see the company making a play in light bulbs or door locks, it could envy the success that Amazon.com (AMZN - Get Report) has had with Echo and even Google with its Home personal assistant.

A company like home audio developer Sonos could be attractive.Investors in Boston-based Sonos include private equity firm KKR & Co. LP, Redpoint Ventures, Elevation Partners LP and Index Ventures. The Apple Store began to stock Sonos products last October, and in February 2016 the companies said that Apple Music would be available on Sonos products. 

"We thought they would also consider something like Sonos when they bought Beats," Moody's analyst Gerald Granovsky said.
"With what they are trying to do in the home with the HomeKit, Sonos would be a huge shot in the arm."Virtual reality could be another frontier for Apple.

The media has speculated about Apple making a major content move, such as buying Disney (DIS - Get Report) , Time Warner (TWX) or Netflix (NFLX - Get Report) .

"If they wanted to buy them they would have bought them a while ago," Granovsky said of the major media deals.

It would be cheaper for Apple to get into content on its own, he suggested, rather than through a major acquisition.

"Whether you spend a couple of billion under your own shingle or whether you do it through Netflix, you effectively are going to be bidding for the same content and the same talent,"Granovsky said. "From a credit perspective, it's better to overpay a couple of million for that show rather than paying $50 billion for Netflix to buy that same show."

Augmented reality and virtual reality might be a more natural fit for Apple.

Facebook said that it acquired virtual reality headset developer Oculus for $2 billion in 2014. However, CEO Mark Zuckerberg testified in a court earlier this year that the company invested another $1 billion and plans to put another $3 billion into the company. 

A $5 billion-plus acquisition of much-hyped and highly-valued startup Magic Leap might be out of the picture for Apple, given the price tag and the company's usually modest M&A budget. 

Apple could launch an augmented reality-capable iPhone next year, investment bank Digi-Capital projects. "Apple is the best placed of all major tech companies to potentially drive mobile AR, with its end-to-end ecosystem of hardware, software, app store, developers and retail," Digi-Capital wrote in a January report.

If Apple is jumping deeper into augmented reality, proceeds from a tax holiday could help defray the costs.

Apple did not respond to a query. Civil Maps, Lytx and Sonos declined to comment.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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Editors' pick: Originally published May 5.