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Intel (INTC) has denied a previous report that it would license Advanced Micro Devies' (AMD)  graphics processing unit.

"The recent rumors that Intel has licensed AMD's graphics technology are untrue," an Intel spokesperson said.

On Tuesday shares of AMD rose over 10% on a Fudzilla report that Intel had opted to sign a licensing agreeing with AMD after its previous deal with Nvidia (NVDA) expired in March.

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Shares of AMD were lower nearly 3% during the first hour of trading on Thursday.

Jim Cramer and the AAP team are discussing fallout from first-quarter earnings from Apple (AAPL) and Facebook (FB) and how to play the big tech names. Get his insights or analysis with a free trial subscription to Action Alerts Plus.