fileproviderd causing applications to hang

Starting last night, when I perform certain operations (e.g. open TextEdit, open a certain file in Emacs, …), the application hangs. I noticed that `fileproviderd` has been using a lot of CPU (almost an entire CPU core since boot). If I `sudo killall fileproviderd`, then the operation continues, but the next time I try the same thing, it hangs again.

I use iCloud Drive and OneDrive on this system. Force quitting OneDrive does not fix the problem.

Does anyone know what causes this and how to fix it?