Various analysts had suggested in the past that Apple might consider using some of that cash is hoarding abroad to buy some highly=prized companies out there, including Netflix and Tesla. These wouldn’t be cheap acquisitions for Apple, and the names keep popping up. Either company would offer Apple new revenue streams beyond the current hardware, software, and services it provides, and they’d match Apple’s interests.

Now that Apple actually plans to repatriate a considerable chunk of cash, one analyst says that Apple could make more expensive purchases in the near future. But that doesn’t mean buying Netflix or Tesla. Instead, Apple could focus on other highly exciting targets given the company’s current interests.

Gene Munster, who’s been studying Apple for years while making several predictions about possible growth avenues, said in that Apple could consider spending up to $5 billion on buying new companies.

“We don’t think they’re going to do any big M&A deals,” the analyst said, according to Business Insider, ruling out companies like Tesla.

He also added that Tesla, in particular, would be a tough buy for Apple, as Elon Musk “won’t sell.”

Munster did suggest two companies that Apple may be interested in, including Magic Leap — yes, that Magic Leap — and Peloton.

Magic Leap almost needs no introduction. It’s a company developing a highly secretive mixed reality headset, the kind of technology that aligns perfectly with Apple’s love for augmented reality (AR). Magic Leap was last valued at $6 billion, a sum that Apple might pay.

On the other hand, Munster says that a Magic Leap acquisition would be a “controversial” pick, as the company is yet to convince the public that it has a commercially viable product. Unveiled in December, the first Magic Leap will be released at some point this year, although not many people have tried it.

Apple, in turn, is rumored to be working on its own AR headset that will work with the iPhone.

The other company Munster mentioned is Peloton, a fitness business that makes high-end hardware, and develops its own live-streamed classes. Apple is very much interested in health technology, which would make Peloton, which already has more than 600,000 subscribers, an interesting addition to Apple’s portfolio. He did not offer a price estimate for Peloton, but the company raised $325 million in a Series E funding round last May.

Munster also says that Apple will use some of the cash to bolster its software and services, while most of the money will be spent on buyback programs and dividends. The analyst says that Apple will announce a $70 billion share buyback program during its quarterly earnings call on February 1st, and a one-time dividend of $12 billion. The annual dividend should increase by $10 billion.