The Financial Post reports in its Thursday edition that the Magnificent Seven group of stocks produced most of the growth in global equity markets last year. A Financial Times dispatch to the Post reports that they, too, offered protection -- to savers seeing their wealth ravaged by inflation. Investors love catchphrases for stocks and markets on fire. Around the time in 1960 the Magnificent Seven was pulling in cinema crowds, markets were being led by what became known as the Nifty Fifty. Many of these were growth stocks, including the hot technology businesses of the day -- Xerox, International Business Machines and Texas Instruments -- while others belonged to consumer companies such as Coca-Cola Co. and Procter & Gamble Co. Looking ahead the Magnificent Seven can be cut into two groups: those that most obviously benefit from artificial intelligence and those that do not. The AI beneficiaries offer either infrastructure or AI-enhanced services (and in Microsoft's case, both). On the infrastructure side, AI will require powerful chips and enormous storage. Nvidia leads in the manufacture of advanced semiconductors; Microsoft and Amazon provide cloud hosting. In terms of AI services, Meta and Alphabet both offer large language models.