A new study by Arbor Networks indicates that the majority of Internet traffic now goes through direct peers and does not run over tier one incumbent provider networks. That's not particularly surprising, given the number of companies like Google that are building their own fiber networks. According to the firm, about thirty so-called "hypergiants"(Google, Facebook, Microsoft) manage about 30% of all Internet traffic. The study, which tracked traffic over 3,000 peering routers on 110 different networks, also notes that P2P traffic has "declined dramatically."