The truth is the crypto boom made up vastly more than 10% of their sales, and they lied to their investors that crypto was of minimal impact the last ~ year ---- and now the chickens have come home to roost.
Technically Jensen is correct, because most of the crypto video card purchases came through the retail home consumer market. If a cryptominer buys a dozen video cards from ASUS, those cards aren't counted as crypto purchase, they're counted as home consumer purchases, and ASUS, not NVidia, makes the bulk of the bumped-up profit off of those sales.
Contracts to supply video card chips to card manufacturers have different layers. Card manufacturers agree to buy a certain amount at a fixed price and risk, they agree to buy another amount at a mutual risk with the chip manufacturer, and after that they have options to buy more chips if they desire. During the crypto boom both NVidia and AMD sold out all of their contracts and options and their chips were selling on the no-contract wholesale market. In the past the 'no contract' market was for fly-by-night companies that sold weird, cut rate video cards with strange memory and timing configurations, but during the crypto madness everyone from Gigabyte to EVGA was buying as much of the prosumer grade chips as they could get.
Because AMD had the better cryptocurrency video card, AMD's video card prices during the crypto craze were far beyond their competitive value as a consumer grade video card. When the crypto craze started to burn out NVidia was already winding down some of their production in preparation for the RTX 2XXX launch, but AMD wasn't. They had no reason to, they had made their money and were up on their profit projections. Since they had no new cards in the pipeline, their options were to make as much good/great money for as long as possible and then limp along until they had new product, or make only average money because they cut production, and then limp along until they had new product. If I understand it correctly, all the money lost to overstock is on the card suppliers, not AMD.