Alphabet (GOOG, GOOGL) had been the best-performing “Magnificent Seven” stock of the year coming into its second quarter earnings release amid optimism that the tech giant was moving faster than most in monetizing AI initiatives. 

But that dynamic may be poised to change.

Quick insight: Alphabet shares closed below the key 100-day moving average for the first time since April on Wednesday, according to Yahoo Finance AlphaSpace data. The stock fell nearly 5% in premarket trading on Thursday as investors were spooked by Alphabet’s capex spending trends. 

The downward move could put a test of the 200-day moving average at around $323 in play.

Alphabet’s second quarter capital expenditures…