$AMC Entertainment Holdings Inc(AMC.US)$ is trading higher Tuesday after the company announced better-than-expected financial results. 

The problem with AMC Entertainment is that investors are looking at the numbers in comparison to 2020, when the numbers should actually be compared to the pre-pandemic numbers in 2019, Kynikos Associates founder Jim Chanos said Tuesday on CNBC's "Squawk Box."

One big change that has occurred in the movie theater industry is that movie studios are starting to release blockbuster films on streaming platforms, he said. 

Box office numbers are down anywhere from 50% to 70% from 2019 levels, he added: "There's just no way [AMC Entertainment] can be profitable."

Estimates for AMC Entertainment have come down since the beginning of the year, while the share price has soared higher, Chanos said. 

The AMC apes seems to be focused on short interest, dark pool activity and other market structure measures, but "the problem with that is that they're wrong about that as well," he said, adding that short interest is dropping and all short positions could be covered in less than a day at current volumes.

If investors really think that the movie theater business is coming back, they should look at $Cinemark Holdings Inc(CNK.US)$, Chanos told CNBC. 

Cinemark is trading at a more appropriate valuation and "the best part of all, Cinemark has the same amount of short interest as a percent of the shares outstanding as AMC does," he said. 

Chanos told CNBC that he has "a small put position" in AMC Entertainment.

AMC, CNK Price Action: At last check Tuesday, AMC Entertainment was up 0.98% at $34.13 and Cinemark was up 0.87% at $15.15.