Right?! I was laughing reading that.

Sure shes spyin, but can you really call her a spy? She was simply stealing national security secrets and getting round export controls for a fake Chinese company. Who amongst us has not done such things.

A spy would be a government agent who's purpose is to collect and transmit sensitive information from one nation to another with the goal of undermining the target nations security. She is a smuggler who traffics commodities for money, not a spy.

Alternatively you could argue that corporate spies exist but this takes the form of infiltrating a rival company to access private information to be utilized by the spying company for their own private benefit at the detriment of the spied upon company. In our case the relationship was a mutually beneficial trafficking operation.

A spy would be gathering sensitive intelligence, i.e. spying, not running a smuggling operation... that makes her a smuggler.

What is the evidence for her conducting espionage?

So there's no evidence and we're presenting theories.

She was the director of singaporean companies that smuggled NVIDIA AI chips to private Chinese tech companies and AI proxy datatcenters in SE Asia, bragging to investors about securing access to NVIDIA.

Chinese state policy is to focus on R&D into advanved semi conductors, not to fund corrupt black market smugglers fuelling the AI bubble and not even national security & intelligence, this doesn't even definitely benefit them, her actions don't sound like what a spy would do but what a corrupt private businessman and smuggler could.

Not to mention regardless of whether she is a spy or not, there is no actual evidence and the theory of her being a spy proportional to likelihood has instead suspiciously large amount of support from anonymous US intelligence officials, neocons and right wing outlets because it is a far too convenient of an excuse to justify warmongering and espionage.

That's another theory and opinion.