Bernstein downgraded Nvidia's stock rating from “outperforming the market” to “on par with the market”, the chipmaker's second downgrade on the same day. Earlier, it was reported that Nvidia's board of directors was preparing to remove CEO Wong In-hoon, who admitted that he had an extramarital affair. Analyst Stacy Rasgon wrote in a report to clients late Wednesday, “Our instincts tell us that we probably haven't fully understood how deep this really is. We stopped at that and would rather retreat to the sidelines and watch for a while”. The target price was lowered from $400 to $200; the stock fell 8% to $160 in after-hours trading on Wednesday. Baird earlier downgraded Nvidia's rating to neutral.

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