That was the obvious reason when the first affair was announced as a silly distraction. Look at the media that got this wrong and focused on the affair instead of the smuggling. That is the media you should not trust going forward.
As far as I can tell, the only traditional media member saying anything correctly was ed zitron. Otherwise MooresLawIsDead and GamersNexus on youtube.
The whole point of circular financing and large data centers was to increase production so more cards could make their way to china. The best part of the plan is when all this unused hardware needs to be sold off, US companies won't sell it into the US market. They will sell it overseas, so the unused hardware will also find its way to china eventually.
Jensen and the CEOs who signed these deals are all smugglers. Why do the rich people with full unilateral control of the companies they run all get to act ignorant about obvious crimes? Put them all in jail.
What other crime in US history would add up to the amount of money involved in this one? Madoff didn't steal this much money from US businesses and consumers, it's not even close.