Jim Chanos Explains Why He Is Long Apple (AAPL) And Short Intel (INTC)

Renowned short seller Jim Chanos told CNBC on Friday that he’s been shorting Intel (INTC) for about six months because of his concerns about the PC industry.

“We just see continued pressures on PC-makers, components-markers. You see the rise of companies in China,” Chanos said in a “Squawk Box” interview. He’s also been short Hewlett-Packard (HPQ) for a while, as he believes the company is facing “the same challenges.”

The founder of Kynikos Associates, with $3 billion in assets under management, also said he is long Apple (AAPL).

“We’re long Apple….because you’re getting Apple at a lower multiple than HP or some of the others and yet it is growing, it is innovating and throwing off tons of cash.”

Shares of Apple traded at $107.05 in the premarket, up 0.22 percent. Intel traded at $36.15, down 0.22%. Intel shares are up 40% year-over-year, and 14.13% in the last six months.

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