Whether or not she was technically a Chinese spy honestly seems irrelevant to me... What happened here wasn't espionage in the conventional sense, it was just a regular criminal conspiracy. Jensen was loudly advocating against export controls on GPUs back in 2022, before he supposedly even met Alice Huang for the first time. He was looking for a way to circumvent export controls and keep revenues growing, and her company had the perfect setup to do it. Who cares if China set up and provided all of the capital for that company? Even a little bit of diligence on the part of Nvidia would have exposed Megaspeed as a front. They knew, and they sold them the GPUs anyway — no spying required.
The fact Jensen probably fucked her is spicy gossip and certainly a dark smear on his character as a husband and father, but it wasn't some honeypot. He already wanted to sell the most GPUs possible. The point is that Jensen conspired with her to circumvent US export controls and that he knew what he was doing.