It's not really for us to decide what is a conspiracy theory, but indeed, the article rather confusingly mixes conspiracy claims and factual information about Jewish leaders in the Bolshevik movement. There was a recent newspiece, a quote by Putin: Times of Israel - Putin: First Soviet government was mostly Jewish. Apparently some people feel such quote is conspiracist whereas others say it's just a statement of a statistical fact. In any case, the option is #1, the article shouldn't imply any notion of Jewish participation in the early communist movement is a conspiracy theory. However, I'm not sure if that general topic (Jews in the bolshevik movement) should be covered in detail in this article.'