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.

Citing their own hyperscaler semiconductor data, the analysts at D.A Davidson said Microsoft is "beholden" to Nvidia, its supplier of AI chips. "Microsoft is so reliant on Nvidia that it's almost transferring wealth from its own shareholders to Nvidia shareholders," Luria said.

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.

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.