* Indexes: Dow up 0.22%, S&P 500 down 0.14%, Nasdaq down

0.34%

* Alphabet dips on plans to raise $80 billion for AI

buildout

* Marvell ( MRVL ) jumps on Nvidia's ( NVDA ) CEO calling it next trillion

dollar co

* Software shares down following a strong rebound rally

(Updates on market open)

By Medha Singh and Twesha Dikshit

June 2 (Reuters) - The S&P 500 and the Nasdaq ticked

lower on Tuesday after hitting a series of record highs, while

blowout results from Hewlett Packard Enterprise ( HPE ) and a funding

commitment from Alphabet underscored investor confidence in the

AI buildout.

HPE surged about 26% after the AI server maker pulled

forward its long-term financial targets by two years. Peer Super

Micro Computer ( SMCI ) climbed 5.6%.

Alphabet said it was looking to raise $80 billion in

equity offerings, including an investment from Berkshire

Hathaway, to fund a costly expansion of its AI infrastructure.

Its shares slipped nearly 4.5%, weighing on the communications

services index, down almost 3%.

"It confirms the insatiable demand that we're seeing really

across the board for AI. Every day it seems like a different

company comes out with incredible signs that this wave of AI is

alive and well," said Ryan Detrick, chief market strategist at

Carson Group.

Marvell Technology's ( MRVL ) shares surged more than 22%

after Nvidia ( NVDA ) Chief Executive Officer Jensen Huang

called the chipmaker the next "trillion dollar company" at the

Computex conference in Taipei. Marvell ( MRVL ) closed below a market

value of $200 billion on Monday. Nvidia ( NVDA ) invested $2 billion in

Marvell ( MRVL ) in March.

The Philadelphia SE Semiconductor index jumped 3%.

The S&P 500 tech index was flat with declines in

heavyweights Microsoft ( MSFT ) and Amazon ( AMZN ), down 3.4%

and 2.4%, respectively, keeping gains in check.

A rebound rally in software shares stalled after

a 14% gain over the last three sessions. Servicenow ( NOW ),

Salesforce ( CRM ) and Intuit were down between 4.8%

and 8.6%.

Microchip Technology ( MCHP ) advanced 6% after an upbeat

data center revenue forecast.

Eight out of 11 major S&P 500 indexes were in the green,

with utilities advancing the most.

Both the S&P 500 and the Nasdaq logged their eighth straight

session of gains on Monday and closed at record levels, with

Nvidia ( NVDA ) rising more than 6% after it unveiled a new processor to

bring AI to personal computers.

Stronger-than-expected first-quarter results and enthusiasm

around AI have powered the U.S. stock rally.

Hopes for an end to the U.S.-Iran conflict and for the reopening

of the Strait of Hormuz have also supported sentiment, though

recent flare-ups have raised concerns. Lebanon announced a

partial ceasefire between Hezbollah and Israel on Monday.

A prolonged conflict could stoke inflation, push the Federal

Reserve toward tighter monetary policy and threaten Wall

Street's record run.

"The Middle East matters, but it really is a market that's

focusing more on the continued incredible growth we continue to

see of technology and AI," Detrick said.

At 09:37 a.m. ET, the Dow Jones Industrial Average

rose 111.81 points, or 0.22%, to 51,190.69, the S&P 500

lost 10.80 points, or 0.14%, to 7,589.32 and the Nasdaq

Composite lost 91.19 points, or 0.34%, to 26,995.62.

Investors will also watch out for comments from Cleveland

Fed President Beth Hammack, a voting member of the Fed's

rate-setting committee, later in the day for cues on the rate

outlook.

Money market pricing shows traders have all but priced out

rate cuts for 2026 and see growing odds of an eventual hike in

the face of mounting inflationary pressures.

Advancing issues outnumbered decliners by a 1.08-to-1 ratio

on the NYSE and by a 1.36-to-1 ratio on the Nasdaq.

The S&P 500 posted 12 new 52-week highs and 10 new lows

while the Nasdaq Composite recorded 47 new highs and 33 new

lows.

(Reporting by Medha Singh and Twesha Dikshit in Bengaluru;

Editing by Shinjini Ganguli and Devika Syamnath)