Intel (INTC) - Get Report has denied a previous report that it would license Advanced Micro Devies' (AMD) - Get Report  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) - Get Report expired in March.

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

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