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Alphabet dropped 3.9% to $362, underperforming its mega-cap peers on the session.

Profit-taking after a strong run, plus fresh questions about how Google funds its heavy AI capex, weighed on the shares.

$355 is first support; a reclaim of $370 is needed to steady the trend.

The S&P 500 notched another record close at 7,610, up 0.1%, as a powerful chip rally outweighed an oil spike and the crypto rout.

AI is doing the heavy lifting and breadth is narrow, with semiconductors carrying the index higher.

Sustaining records needs follow-through from mega-cap tech; Friday's NFP print is the next macro test.