Nscale has raised billions to power Europe’s AI ambitions. Now the startup must prove the hype can survive reality

Fortune explores the rapid rise of AI infrastructure startup Nscale as Europe seeks to expand its computing capacity, while questioning whether the sector’s massive investments are sustainable. Olivier Darmouni, Associate Professor at HEC Paris, warns that AI infrastructure companies are building data centres faster than they are generating revenue, making their long-term business model a high-risk bet despite strong demand.