Shares of Nvidia dropped quickly in after-hours trading amid multiple reports that the company’s board would meet Wednesday night to discuss CEO Jensen Huang’s future and amid a New York Times report that he had a relationship with an executive who reported to him.

Shares fell as much as 8%.

The Times report, which cited five people who worked at Nvidia, followed reports in recent days that Huang had been involved in a relationship with a woman suspected of being a Chinese spy.

NBC News has not confirmed the Times report or reports that the company’s board was meeting Wednesday night. The Wall Street Journal first reported the board’s plans, citing people familiar with the matter.

Huang wrote in a note to employees Sunday that he had been “unfaithful to his wife,” though did not specify details. NBC News reported that officials believe the first woman, Alice Huang, was a Chinese intelligence operative.

China has denied the allegations.

Nvidia did not respond to requests for comment.

Nvidia’s stock drop after hours would erase almost $400 billion in value if it carries over to the regular trading session at 9:30am Thursday.

Huang is among the most important people underpinning the AI boom and the trillions of dollars of investments being poured into it by tech giants around the globe.

Nvidia chips are the cornerstone of the artificial intelligence boom, powering all of the top developers, from OpenAI to Anthropic. Huang founded the company and has been its leader since 1993, taking the graphics processing chip company from nothing to a more than $4 trillion valuation.