One source of optimism is the group’s relatively subdued valuations. The Magnificent 7 index is priced at 29 times profits projected over the next 12 months, well below the 40s multiples earlier in the decade. The S&P 500 is trading at 22 times expected earnings, and the Nasdaq 100 Index is at 25 times.“We’re already seeing a broadening of earnings growth and we think that’s going to continue,” said David Lefkowitz, head of US equities at UBS Global Wealth Management. “Tech is not the only game in town.”Wit ...