"I can't speak about rumors, but I can tell you we've made two big acquisitions – biggest acquisitions in Intel's history – with Altera and Mobileye," Krzanich told CNBC's Jim Cramer in a Thursday interview on "Mad Money."
"We're heads down on making those successful and right and they're our growth engines for the future," the CEO said.
The rumored bid would have bolstered Intel's 5G, or fifth-generation wireless connectivity, networks, reports said. But on Thursday, Krzanich argued that Intel didn't need the boost.
"5G is important, but we think we already have the end-to-end product, from the data center, which is important in 5G, all the way out to the modem. We have those products already," he told Cramer.
As Intel undergoes a broader strategic shift to focus more on data, Krzanich highlighted how the company's new lines of business — namely the data center, Altera's circuits business and the internet of things — are changing how Intel makes money.
"Those businesses are growing double digits and they are making up now close to 50 percent of our revenue and more than 50 percent of our profit," the CEO said.
"I think Wall Street's just now starting to believe and understand just what that means," he continued. "And you see it in our stock price. You see people believing it now."
Krzanich also acknowledged that investors grew wary of Intel amid its transformation and recent news of security flaws in some of the company's semiconductor chips.
"Security is an ongoing thing," Krzanich said. "I always remind people it's kind of like your house. As long as you have a door or window to get in, somebody's going to try and bust it open."
The CEO maintained that the security flaws were patched quickly, and that a seemingly suspicious sale of his own Intel stock had nothing to do with the issues in the chips.
"This was about me just simply doing a diversification. Intel has a very complete process that I go through any time I want to sell that ensures I have no insider information," he told Cramer.
"It's still my biggest single investment I have," Krzanich added.