The Indicator from Planet Money

Argentina's bailout, a new way to cool data centers, and a cold holiday hiring season

September 26, 2025

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  • The U.S. is negotiating a $20 billion currency swap line to potentially aid Argentina's economy, driven by President Trump's personal relationship with Argentine President Javier Milei, despite general U.S. hostility toward foreign aid. 
  • Microsoft announced a promising microfluidics innovation that channels coolant directly into silicon chips, potentially reducing the significant energy consumption (up to 40%) currently used for cooling data centers. 
  • Retailers are predicted to hire fewer than 500,000 seasonal workers for the upcoming holiday season for the first time since 2009, signaling corporate uncertainty regarding tariffs and inflation, or a shift toward automation. 

Segments

Argentina Bailout Negotiations
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(00:00:33)
  • Key Takeaway: The U.S. is negotiating a $20 billion currency swap line to help stabilize the plummeting Argentine peso.
  • Summary: The U.S. Treasury Secretary announced negotiations for a $20 billion swap line, which involves the U.S. giving dollars to Argentina’s Central Bank to buy pesos, thereby pushing up the peso’s value. This aid is motivated by the close political alliance between President Milei and former President Trump. Argentina’s peso has been falling due to voter unhappiness with austerity measures and a corruption scandal involving the president’s sister.
Data Center Cooling Innovation
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(00:05:05)
  • Key Takeaway: Microsoft is testing microfluidics to cool data centers, potentially three times more effective than current cold plates.
  • Summary: Global electricity demand is surging due to data centers, with cooling sometimes consuming up to 40% of their power. Microsoft is developing microfluidics, which involves funneling coolant through tiny channels directly into the silicon chip itself. Lab results show this method is up to three times better at heat removal than traditional cold plates, causing Vertiv Holdings’ stock to drop upon the announcement.
Holiday Hiring Forecast
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(00:07:04)
  • Key Takeaway: Retailers are expected to hire under 500,000 seasonal workers, the lowest since 2009.
  • Summary: For the first time since 2009, retailers are predicted to hire fewer than 500,000 seasonal workers, according to Challenger, Gray, and Christmas. This low forecast may reflect corporate uncertainty regarding inflation and tariffs, or a greater reliance on automation and permanent staff. Companies like Spirit Halloween (50,000 jobs) and Bath and Body Works (30,000 jobs) are exceptions to the general trend.