Are Mag7 stocks the hedge against an AI/US overvaluation or are they the AI/US overvaluation?

I'm confused. I have a little more than 20% of my portfolio in the Mag7 and I am keeping it at that weight because I believe they are relatively resistant to a potential downturn. They are big enough to play the crony capitalism game, earn outside of AI, and won't be regulated as a monopoly by any administration any time soon.

Yet when people talk about an index bubble they talk about the passive investment going into the Mag7. And I would imagine there are many investors who view them as a safe investment regardless of their price.

If everything goes tits up and we have a major correction how badly do you think the Mag7 would be hit?

In other words, when balancing a portfolio for risk would the Mag7 qualify as a risky or a safe holding in today's market?