Microsoft shares rose for the the seventh consecutive session on Tuesday, with the latest gains coming after the tech giant hiked its quarterly dividend by 10% and approved a $60 billion stock buyback.

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.

Microsoft has announced a $60 billion stock buyback plan, the largest in its history, and a 10% dividend increase.

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.

Microsoft said on Monday its board has approved a new share buy back program of up to $60 billion. The tech giant declared a quarterly dividend of $0.83 per share, reflecting an 8 cent, or 10%, increase over the previous quarter.

Microsoft Corporation is a top tech stock with solid financials, innovative products, and potential for growth, but also comes with risks. Read more about MSFT stock here.