When the second quarter ends later this month, Apple will probably have more than $70 billion in cash and marketable securities on hand.

That's enough for it to buy every other mobile phone maker in the world except Samsung, estimates Horace Dediu of Asymco.

He calculated the enterprise value of HTC ($25.4 billion), Nokia ($22.6B), RIM ($13.8B), and Motorola Mobility ($4.2B), and the estimated value of the phone businesses for Samsung ($53B) and Sony Ericsson ($3.0B).

This is just a thought experiment -- there's no reason for Apple to buy a rival phone maker. But it's another good representation of how much of the value of the booming smartphone market is flowing to one company.

Here's the chart he put together.