Taiwan Semiconductor Manufacturing reiterated that it has not held talks with any company regarding potential investments or partnerships, dismissing a Wall Street Journal report suggesting Intel had approached the chipmaker for support.

Shares of Intel dropped 1.8% in premarket trading.

TSMC emphasized it has never discussed forming a joint venture, licensing, or transferring technology, echoing previous remarks from Chairman C.C. Wei when asked about a potential partnership with Intel, Taipei Times reported, citing a company statement.

Rumors of TSMC investing in or partnering with Intel have circulated for months. Following the report, TSMC’s ADRs fell in the U.S. on concerns such a deal could erode client trust and strengthen a competitor.

Analysts warned that cooperation with Intel could risk technology leaks. Intel, meanwhile, has secured backing from the U.S. government, Japan’s SoftBank, and Nvidia as CEO Lip-Bu Tan pushes to revive the struggling chipmaker.