Overall, history indicates that the buyback will have little impact on Microsoft's stock. While $60 billion sounds like a lot, it represents less than 2% of its shares outstanding and won't move the needle much.

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.

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 (MSFT) received a rare Wall Street downgrade on Monday over concerns the tech giant's artificial intelligence lead is diminishing and that it has become too reliant on Nvidia (NVDA) for its AI infrastructure.

Shares of Microsoft Corp. leaned lower in early Monday trading, after D.A. Davidson’s Gil Luria became one of the rare Wall Street analysts who isn’t enthusiastic about the software giant and artificial-intelligence play.