"They're talking about lots of restructuring. They're talking about margins improving. I'm just hard-pressed to see how margins are going to improve in any of their businesses given the secular headwinds that are going on," he explained.
A new report from research firm Gartner underscored Chanos's point. Global personal computer shipments tanked almost nine percent during the third quarter—a period of historically strong demand—to the lowest level in five years.
"They have a lot of different businesses. They have enterprise, printing, and PCs. But all of these businesses are declining right now. That's the problem. They're all under assault," Chanos said.
"Turning around tech companies—IBM in the early '90s notwithstanding—is a very difficult undertaking," he continued. "Maybe she can do it. We'll see."
At the 2012 CNBC-Institutional Investor Delivering Alpha Conference, Chanos touted his dim view on HP and talked about his short position on the stock—calling it "the ultimate value trap."
Apple and Samsung longs
For the same reasons Chanos has been short HP, he said he's long Apple and Samsung. It's because the popularity of mobile devices is the major factor in declining PC sales, which he expects to "accelerate on the downside."
"[Samsung] is outright, outright very, very cheap," Chanos added. "It's got very great returns on capital. It invests and expenses [in R&D]—unlike a lot of guys like Hewlett and others who go out and acquire their R&D, which has been one of our big complaints. Samsung actually does it homegrown. As does Apple basically."
But he said he cautions people "when they look at our SEC filings understand our longs are generally offset by things we're short."