Earnings season has not been kind to semiconductor stocks. After two years of heavy spending driven by work-from-home updates, consumer electronics have reached a state of oversupply. Companies with outsized exposure to this area of tech hardware are in for some pain as a new cyclical downturn begins. 

But that's not the case for Marvell Technology Group (NASDAQ: MRVL).The company's top end markets -- infrastructure for data centers, 5G mobile networks, and AI -- are very much still in growth mode. Shares got clobbered anyways after the company released its last earnings report, but for a very different reason: supply chain constraints. Here's why the stock is a buy right now.

2021 was an eventful year for Marvell. It made two acquisitions to top off a pivot in its business toward data infrastructure (data center, mobile network, and industrial and automotive equipment). Today, 89% of the business is focused on data infrastructure. Just six years ago, nearly two-thirds of Marvell's sales came from consumer electronics. After its takeovers last autumn, Marvell management outlined its two-year goal to reach annualized revenue of $6 billion (based on an assumption of 15% to 20% revenue growth). Less than a year later, that two-year goal has been achieved.

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Source Fool.com