Nvidia’s stock drops as board reportedly preps to oust CEO Jensen Huang

Nvidia's stock dropped by 8% in after-hours trading on Wednesday, down 11% in the past five days, after reports emerged that the company's board is planning to oust its CEO Jensen Huang, who has led the company for 33 years and admitted to having extramarital affairs with a Chinese spy and an executive who reports to him. The board is set to meet as soon as Wednesday to determine Huang's future at the company. Nvidia has been working with an outside firm to identify potential candidates to replace Huang, who has about 60 direct reports and has never had a clear succession plan. The company's performance has been impacted by the scandal, which has raised concerns about Huang's leadership and the company's governance. The scandal has also led to questions about the potential consequences for Nvidia's business and its future as a leader in the AI chip market.