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Jensen Huang, chief executive officer (CEO) of Nvidia. /AP-Yonhap News Agency

Nvidia's board of directors is moving to oust CEO Jensen Huang amid a series of allegations involving extramarital affairs, The Wall Street Journal (WSJ) reported on Nov. 11 (local time). Nvidia shares plunged more than 8% in after-hours trading shortly after the report was published.

Citing people familiar with the matter, the WSJ reported that Nvidia's board was preparing to meet as early as that day to discuss Huang's future at the company.

Huang recently acknowledged having an inappropriate relationship with a woman suspected of being a Chinese spy. He subsequently faced additional allegations of an extramarital affair with a female Nvidia executive who reports directly to him. The successive controversies surrounding his private life have raised questions about the board's confidence in his leadership.

Nvidia's board had previously launched an independent investigation into the allegations concerning Huang's extramarital affairs but had taken a cautious approach to his possible removal. However, the board now appears to have shifted its position toward removing Huang following the emergence of additional allegations.

The market also reacted sharply. Nvidia shares closed the regular trading session in New York at $173.73, up 2.9% from the previous session, but fell 8.1% to $159.59 at around 5:45 p.m. in after-hours trading following the WSJ report.

Nvidia shares have fallen more than 13% over the past week since allegations of Huang's extramarital affairs first surfaced. Uncertainty over the future of Huang, a key executive at Nvidia, which leads the global artificial intelligence (AI) chip market, has added to the company's business challenges.

                                                                                                          Cheon Hyun-bin