A bullish argument, of course, is that tech giants’ dominant industry positions and robust balance sheets make them better suited to withstand an economic downturn than other companies, even if the earnings picture is cloudy. The Magnificent Seven are also less richly valued following the recent selloff: Alphabet, for example, trades at 17 times profits estimated over the next 12 months, compared with an average over the past decade of 21 times, according to data compiled by Bloomberg.