Microsoft: Billion dollar share buyback announced

US technology giant Microsoft has announced a new share buyback program worth up to $60 billion. The company announced this on Monday. In July, the company had already announced that it would invest more in artificial intelligence (AI) this year. In the quarter to the end of June, investments rose by 77.6 percent, mainly due to spending on AI. Microsoft announced its annual general meeting for December 10.

Large technology companies such as Microsoft and Google are under pressure to prove the profitability of their multi-billion dollar AI investments. Microsoft is one of the few large technology companies that reports AI contributions in its quarterly reports. In May, Apple announced a record share buyback program of $110 billion after announcing positive quarterly figures.

Microsoft shares rose slightly in after-hours trading. The price has risen by around 15 percent since the beginning of the year.