A new report from MTN Consulting highlights the sector’s economic “circularity,” whereby hyperscalers invest in AI labs, which in turn spend that capital on the hyperscalers’ computing services. The report warns that this dynamic creates systemic risk.

The global hyperscale infrastructure market reached astonishing macroeconomic levels in the first quarter of 2026, matching the GDP of major world economies. However, behind record revenues and impressive profit margins lies a financial paradox and an AI-driven dependency loop that could threaten the stability of the entire ecosystem.

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Hyperscale infrastructure: Record figures, oligopolies and the dangerous AI bubble