The software company said shareholders will receive a quarterly dividend of 83 cents per share starting Nov. 21, up from the current 75 cents. The share repurchase agreement, which has no expiration date, replaces a $60 billion buyback program announced in 2021.

Microsoft, the world’s second most valuable company, has benefited from the market momentum in the field of artificial intelligence in recent years. The software maker has equipped its product line with AI technology from partner OpenAI and touted that the tools can enhance its business applications such as Teams, Word and Outlook. Microsoft released a new range of AI tools on Monday.

Shares rose less than 1 percent in extended trading following the buyback announcement, after closing at $431.34 in regular trading on Monday. The stock has gained 31 percent over the past year.

Microsoft had $75.5 billion in cash and equivalents as of June 30, according to data compiled by Bloomberg. Free cash flow in the fiscal fourth quarter was $23.3 billion, the Redmond, Washington-based company said in July, “an 18% increase year over year, reflecting higher investments to support our cloud and AI offerings.”

(Updated with expanded trading in fourth paragraph.)