Microsoft's share repurchase program, which has no expiration date, replaces its previous $60 billion authorization announced four years ago. Meanwhile, investors also cheered the news that shareholders of record as of Nov. 21 will receive a quarterly dividend of 83 cents per share, up from the current 75 cents a share.

Only three U.S. companies have ever announced buyback programs bigger than Microsoft’s latest — though the new dividend yield is still low relative to those of fellow Dow components.

Microsoft on Monday announced a $60 billion stock buyback program and a 10% boost to its quarterly dividend. The moves come as Microsoft faces pressure to show its spending on artificial intelligence (AI) is paying off.

Microsoft Corp (NASDAQ:MSFT) stock is up 2.3% to trade at $441.13 this morning, propping up the Dow, after the blue-chip tech titan announced a new $60 billion share buyback plan. Microsoft also hiked its quarterly dividend by 10.7% to 83 cents per share.

Microsoft shares rose for the the seventh consecutive session on Tuesday, with the latest gains coming after the tech giant hiked its quarterly dividend by 10% and approved a $60 billion stock buyback.

Microsoft Corporation is a top tech stock with solid financials, innovative products, and potential for growth, but also comes with risks. Read more about MSFT stock here.