A monthly survey by Bank of America of 169 fund managers controlling about $413 billion shows that a bet on the so-called “Magnificent 7” U.S. mega-cap technology stocks has reclaimed the title of the world’s most crowded trade. In the August poll, 45% of respondents highlighted a long position in the group—led by Nvidia and Microsoft—as the market’s busiest wager, displacing the “short U.S. dollar” and “long gold” trades that topped the list in June and July. The revival of enthusiasm for the largest tech names coincides with upbeat second-quarter earnings and an improved growth outlook. A net 14% of survey participants say they are overweight global equities, the highest reading since February, while only 5% are bracing for a hard economic landing. Risk appetite has risen even as many managers warn that U.S. valuations look stretched. That concern is helping fuel a rotation into developing-world equities. Investors reported their largest overweight position in emerging-market stocks in more than two years, according to the survey, underscoring a search for perceived value outside Wall Street’s most heavily owned names.