Nvidia is reportedly preparing to remove co-founder and CEO Jensen Huang, who has helmed the company for 33 years, according to the Wall Street Journal. Sources indicate the Nvidia board will meet as early as Wednesday to decide Huang's fate at the company. On Sunday, Huang confessed to an extramarital affair with a woman whom U.S. intelligence suspects is a Chinese spy. Then on Wednesday evening, the New York Times reported that Huang had also been involved with an executive who reports directly to him.

Nvidia has grown into one of the world's most valuable companies by designing the chips that fuel the AI boom. Yet amid Huang's unfolding scandal, Nvidia stock dropped roughly 8% in after-hours trading on Wednesday and has fallen about 11% over the past five days.

Huang is known for delegating very little and has said he has around 60 direct reports. The company also lacks an obvious successor or any formal succession plan.