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Chip giant Intel (INTC) tonight refuted rumors it is licensing graphics chip technology from Advanced Micro Devices (AMD).

In a statement sent to Tech Trader Daily by an Intel spokesperson, the company said "The recent rumors that Intel has licensed AMD's graphics technology are untrue."

A rumor had spread on Tuesday that AMD had won a deal to license its graphics technology to Intel, as related by Fuad Abazovic of Fudzilla, who wrote that an AMD-Intel deal was “confirmed,” without citing sources.

When AMD failed to disclose any such deal yesterday, during its annual analyst meeting to discuss its technology and financial outlook, the AMD stock was punished Wednesday.

I asked Intel if the company has any further detail on whether it has definitely decided not to license technology from AMD. The company said no further detail would be provided.

AMD shares today closed down $1.55, over 12%, at $11.20, reversing a 12% climb yesterday on the Fudzilla rumor.