NVIDIA's stock price fell 7% after the market closed on Wednesday, following new reports regarding CEO Jensen Huang.

The Wall Street Journal reported that NVIDIA's board of directors is preparing to remove Jensen Huang from his position. A few days ago, the board stated that it was investigating whether Jensen Huang had become a target of foreign intelligence activities after admitting to having an extramarital affair.

The New York Times also reported on Wednesday that Jensen Huang had a second extramarital affair with a senior executive at NVIDIA who reported to him. The report cited five unnamed sources who had worked at the company.

NVIDIA refused to provide a statement to The New York Times. The company also did not respond to the request for comment from Business Insider.

Jensen Huang admitted to having an extramarital affair in a memo sent to employees on Sunday and stated that he was cooperating with the board of directors' investigation. He did not reveal the identity of his affair partner. The New York Times previously reported that U.S. intelligence officials believed that Alice Huang, a technology executive who has been increasingly close to this CEO, was recruited to gather information for Beijing.

This is a report that is still developing.