Nvidia's board is preparing to oust CEO Jensen Huang, The Wall Street Journal reports

Nvidia's board is preparing to oust Chief Executive Jensen Huang, The Wall Street Journal reported Wednesday, citing people familiar with the matter.

The Journal said the board is preparing to meet as soon as Wednesday to determine Huang's future, Reuters reported, citing the Journal. No final decision has been announced, and Huang has not been removed as chief executive.

CNBC reported the Journal's account and said Nvidia shares fell more than 7% in after-hours trading Wednesday. Nvidia did not immediately respond to CNBC's request for comment. CNBC said the Journal report landed minutes after The New York Times reported that Huang had a second extramarital relationship, with Kimberly Powell, Nvidia's vice president of health care, who reports to him.

The developments come four days after Nvidia's board opened an independent investigation and said it had "confidence in Jensen and his leadership team," following Huang's Sunday message to employees admitting he had been unfaithful in his marriage. That admission followed reporting that he had an affair with Alice Huang, a Chinese executive whom U.S. intelligence officials believe is a spy. The board hired the law firm Wachtell, Lipton, Rosen & Katz, with former acting U.S. attorney Joon H. Kim leading the work. House Republican committee chairs have also asked Huang for a closed-door briefing.

Serious Business has previously reported on the Times account of the relationship with Powell, and on the board investigation, the congressional request and Huang's message to staff.