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I'd find it hard to believe.  Intel's not a big player in the GPU market and it's history with it's own graphics core is very spotty.  The only thing that would lend some credence to the rumour is that Sony needs a partner to drive down the cost of the PS4 even though it might take a hit performance wise.  The other reason to use Intel is to hope that Nvidia or ATI can counter with a better offer or chip.