At the same time, if you were the US and wanted to undermine Huang's opposition to the US blocking sales to China, this is would certainly be one way to do it... know of (or initiate) an affair, then paint the mistress as a Chinese spy to damage his reputation.
Not that I'm suggesting this is what happened, but in this situation, "both sides" have motivations both for/against Jenson/Nvidia, and it would be silly to blindly trust what _either side_ says.