Famous short-seller Jim Chanos, who runs $6 billion Kynikos Associates, discussed four long of his positions this morning on CNBC's "Squawk Box."

Chanos said he's long Microsoft and Oracle.

The reason, he explained, is that he uses those stocks as hedges against his Hewlett-Packard short. He thinks of HP as a "value trap."

Chanos said he thinks that the PC business will "continue to stay under pressure" and that's an area investors should avoid.

Chanos said investors should want to be short PC hardware such as printers and ink.

He added that he wouldn't be long Oracle on its own. It's being used as a hedge.

As for the financials, Chanos said that he's long JPMorgan and Citi.

He explained that's also a hedge. He said that he's short some of the Spanish banks and Chinese banks.