Broadcom Inc. (AVGO) and Advanced Micro Devices Inc. (AMD) shares each rose more than 3% in extended trading Wednesday as fresh turmoil surrounding Nvidia Corp. (NVDA) CEO Jensen Huang sent investors toward rival chipmakers.

Nvidia moved sharply in the other direction. Its shares fell 8.08% after hours to $159.68, according to market data.

Board Reportedly Preparing to Act

Nvidia’s board is preparing to oust Huang after he had two extramarital affairs, including one with a suspected Chinese spy, according to a report from The Wall Street Journal citing people familiar with the matter. Directors could meet as soon as Wednesday to decide his future.

Nvidia did not immediately respond to MarketDash’s request for comment.

The Wall Street Journal report followed a New York Times story alleging Huang had an affair with Kimberly Powell, Nvidia’s vice president of health care, who reports directly to him.

The Times said the two were caught on video being affectionate at a hotel during an Nvidia conference in March, citing five people who worked at the company. Both are married to other people.

The latest allegations surfaced only days after Huang admitted to an affair with Alice Huang, a Chinese executive reported to be a suspected spy. The situation has stirred national security concerns in Washington.

Rivals Draw Buyers

Wednesday’s after-hours action points to a rotation within the chip sector. Broadcom designs custom AI accelerators for major cloud customers and supplies networking chips used across large data centers. AMD sells its Instinct line of graphics processors, the most direct competitor to Nvidia’s data center products.

Investors seeking AI exposure without Nvidia’s leadership questions have few large-cap alternatives. Broadcom and AMD sit at the top of the list.

Pressure Mounts on Nvidia

Huang co-founded Nvidia in 1993 and has run the company ever since. CNBC noted Huang has become synonymous with the AI industry, with customers and rivals alike often calling him simply "Jensen."

His potential exit would leave the world’s most closely watched chipmaker without its founder at a fragile moment for AI stocks.

The stock was already struggling. Nvidia was down 7% this week and on pace for a sixth straight weekly decline, reflecting broad worries about whether the AI buildout can last, CNBC reported. Shares have lost about 23% over the past month.

AVGO, AMD Stock Price Activity: Broadcom shares were up 2.35% at $353.32 and AMD stock was up 3.87% at $574.29 during after-hours trading Wednesday, according to market data.