It's not a conspiracy theory. It's a public secret.
The NSA has access to all internet, phone and sattelite traffic within the US, and possibly a lot farther. That's their main job, contrary to what Splinter Cell might try to teach you.
Spying implies that it has a specific purpose, when really they're just collecting data based on buzzwords, probably to fit a certain profile, to help them know who to surveil more closely.
I heard of a terrorist cell using WoW to communicate thinking that the US intelligence agencies weren't listening, but they were there too.
They're also watching your PS3, PS Vita, 360, Wii, Wii U, Steam, Origin, iPhone, Mac and every other device or service that you might have going online in the US, and possibly anywhere else.
I'm surprised that anyone considers the most recent story news. It's common knowledge.