Shares of Microsoft Corp. leaned lower in early Monday trading, after D.A. Davidson’s Gil Luria became one of the rare Wall Street analysts who isn’t enthusiastic about the software giant and artificial-intelligence play.

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.

Luria downgraded Microsoft to Neutral, citing competition in AI and slower growth. Price target $475. Microsoft may struggle to keep up with AWS and Google.

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.

After a memo found that Microsoft was preparing to lay off another 650 employees from its gaming division last week, the company announced this week that it will be spending $60B of its own money to buyback some of its own stocks.

Nvidia ( NVDA -1.59%) has been one of the best-performing stocks over the past five years, creating a lot of millionaires in the process. However, with those strong returns in its rear-view mirror, investors today might be better served to look instead for the next set of potential huge winners.