Create Demand, Don't Fight for Share

On the Lex Fridman Podcast (#494, March 2026) Huang made the point directly: “it’s hard for people to imagine how large we could be because there’s nobody I could take share from.” His argument is that if the thing you sell did not exist five years ago, the right question is how big the new category gets, not how much of an old one you can win.

The numbers behind it. Nvidia’s revenue went from $26.97B in fiscal 2023 to $215.9B in fiscal 2026, roughly eight times, according to the company’s SEC results releases. Fiscal years end in late January, so FY2026 is roughly calendar 2025.

The counterpoint. Regulators and rivals see a dominant supplier. When a US Department of Justice antitrust inquiry was reported in 2024, an Nvidia spokesperson said, in a statement carried by AFP in early September: “Nvidia wins on merit, as reflected in our benchmark results and value to customers.”

Doesn’t transfer to crowded markets. It is also easier to say from a dominant position. “We don’t take share” is a comfortable line when you already hold most of it. Most businesses operate in markets that already exist, where share is the game.