You may recall that Susquehanna chip analyst Christopher Rolland yesterday downgraded shares of Advanced Micro Devices (AMD) to “Negative” from Neutral, after concluding the stock is at risk from its reliance on blockchain and crypto-currencies for some large portion of its revenue. AMD today is refuting that contention.

Rolland had written that upward of 20% of AMD’s sales of GPU chips are tied to “mining” of the crypto currency “Ether." AMD issued a statement a short while ago stating the amount it gets from crypto is far...