Abstract
High-Performance Computing (HPC) is the infrastructure for a wide range of applications, with Artificial Intelligence being the most prominent today. The ongoing scale-up of HPC raises questions about environmental sustainability in terms of energy, water and material use. This paper adopts a Dynamic Capabilities perspective to study how HPC-companies are tackling these sustainability challenges. The sustainability-related practices of leading companies in each activity of HPC were identified from their 2024 annual reports. These sustainability-related practices were then analysed as illustrations of the Ordinary or Dynamic Capabilities of firms. Energy-efficiency, renewable energy use and waste valorisation illustrated the use of Ordinary Capabilities. Cross-function Circularity, Energy-Compute Load Management, and Collaboration for zero-water solutions illustrated the use of Dynamic Capabilities. Further, the paper argues that ongoing geopolitical supply chain risks to material flows align sustainability and sovereignty priorities for realising a localised Circular Economy for HPC.