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 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.

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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.

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Tech giant Microsoft revealed that its board of directors approved a new $60 billion stock-buyback program. The repurchase program has no expiration date and may be terminated at any time, according to the company’s statement.

Microsoft Corp. announced a 10% increase in its quarterly dividend and launched a new $60 billion stock buyback program, matching the size of its repurchase plan from three years ago.