Debunking previous reports, Amazon has confirmed it’s not developing its own networking switches to rival Cisco – news which has caused the IT giant’s shares to spike over 3%.

As per MarketWatch, a discussion between Cisco CEO, Chuck Robbins, and Amazon Web Services CEO, Andy Jassy, has confirmed the companies’ “longstanding” relationship, with Amazon “not actively” building a commercial network switch.

Last week, reports alleged Amazon was building its own networking switches, with the aim of undercutting Cisco by over 50% – news which caused Cisco shares to plummet 4%.

The affordable switches were rumoured to launch in the next 18 months, with pre-installed software to connect to Amazon Web Services’ storage and compute resources.

It seems claims were unfounded, with Amazon and Cisco firmly confirming their “longstanding customer and partner relationship”.