He thinks that not only are PC sales a problem, but that the services part of the business could also be facing problems.
He has covered his Dell (DELL) short and is watching the Icahn-Michael Dell battle.
He thinks the Michael Dell deal is not unfair because he thinks the entire industry is in trouble.
Chanos just doesn't "get" what either Dell or Icahn see with Dell. He thinks a turnaround in Dell's business is a pipe dream, because a brand name increasingly means nothing in this business.