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.

After a memo found that Microsoft was preparing to lay off another 650 employees from its gaming division last week, the company announced this week that it will be spending $60B of its own money to buyback some of its own stocks.

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.