Microsoft and Oracle are top cloud computing stocks that benefit from the proliferation of AI services in the cloud. Microsoft is growing faster than Oracle right now. At the same time, Oracle's solid revenue pipeline is why its pace of growth is expected to top Microsoft's in the future.

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.