Ran into similar pathological behavior on servers with huge amounts of ram (>1 TiB). Negative dentries builds up until the kernel decides it is time to reclaim and locks up the server for >60 seconds scanning pages. :-/
I'm okayish at systems level debugging but I never figured that one out. It caused the kernel to use alot of memory. Arguable whether or not it impacted performance since it was a cache.