NVIDIA's board is allegedly preparing to remove co-founder and CEO Jensen Huang following earlier reports of him having two extramarital relationships, one of them with an alleged Chinese spy, according to The Wall Street Journal, which cited people familiar with the matter. The board was expected to meet as soon as Wednesday, according to the coverage.

On Wednesday, The New York Times wrote that Huang also had a relationship with Kimberly Powell, NVIDIA's vice president of health care, who reports to him, citing five people who worked at the company. At the time of publication, NVIDIA, Huang, and Powell had not publicly commented.

NVIDIA's board earlier opened an independent investigation after recent coverage that Huang was the target of a foreign intelligence effort. Earlier reports say he was in a close relationship with Alice Huang, also known as Huang Le, whom US officials allegedly concluded to be a Chinese intelligence asset. The Chinese government has denied the allegations. The board previously said Huang will continue to lead the company during the investigation.

After the reports, the company's share price dropped about 8% in after-hours trading. The most recent completed trading day ended with NVDA down 5.93%, including regular-session and after-hours trading.

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