Microsoft (MSFT) announced on Monday that its board has sanctioned a new share repurchase program valued at up to $60 billion.

The technology leader also declared a quarterly dividend of $0.83 per share, marking an increase of 8 cents, or 10%, from the previous quarter.

The company has scheduled its annual shareholders meeting for December 10.

In July, Microsoft indicated plans to increase its spending on AI infrastructure during the current fiscal year. The company reported a 77.6% surge in capital expenditures for the quarter ending June 30, primarily driven by AI-related costs.

While there was a noted deceleration in growth for its Azure cloud services during the reported quarter, Microsoft anticipates that growth will pick up in the latter half of fiscal 2025.

Major technology firms, including Microsoft and Alphabet's Google, are under pressure from investors to demonstrate returns on the substantial investments made in AI infrastructure.

Microsoft stands out as one of the few large corporations that itemizes AI contributions in its quarterly earnings reports, whereas many others have yet to experience significant gains from their AI investments.

Last month, the company revised its reporting structure for business units, reallocating certain search and news advertising revenues to the Azure cloud-computing segment.

In comparison, Apple announced a record $110 billion share buyback program in May following positive quarterly results.

Microsoft's shares experienced a slight increase in after-hours trading, with the stock having risen approximately 15% year-to-date.