I'm currently supervising 2 PhD students whose last name is alphabetically later than mine. I explained my reasons for my preference to them; that's how far I'll go. With one, we've had multiple collaborations outside the institution. In those cases, alphabetical order was typically arrived upon with all authors. In other cases it depends - we've had quite equal contribution papers which ended up alphabetically. We're now working on one that he conceived and executed. I'm basically the co-writing sparring partner, where I strongly prefer him to be first author.
The other student feels it's important for his career to be first author, so he is. I certainly hope he's wrong (for my career so far it didn't matter), but I'm not taking that chance.
In my field, 1st author did most of the work, typically the responsible grad student, then authors 2 to n-1 supporting characters, maybe contributed some data, some script, wrote a paragraph. Last author is PI.
Sometimes you’ll have a 2nd author who ended up contributing like the 1st as the paper progresses, that’s really the only ambiguous situation, but you can switch that around for a conference or follow-up.
I'm in a more senor position now and I still prefer alphabetic order. Having more power than coauthors has somewhat softened my stance though, as my preferences shouldn't be forced upon underlings.
But it is still baffling that anyone (let alone scientists) puts any stock in author order.