Here's a possible work around.
Sub ChartExample()
Dim s As Shape
Set s = Application.Presentations(1).Slides(1).Shapes.AddOLEObject(ClassName:="Excel.Chart")
End Sub
You would then manipulate the chart you added via the s.OLEFormat.Object
. I only experimented slightly, but it does not open an external Excel application and I did not see any extreme flickering unless I activated the object. A trade off is that at least in Powerpoint 2010, you need to convert it to use all of the features. If this doesn't work you could always try web components.
Edit:
I don't understand why this method causes a problem, but to try to assist further here is a little more code that shows actually manipulating the object. This was written with objects instead of workbooks etc, so that no references need to be made. It only demands the user have Excel on their machine.
Option Explicit
Const xlcolumns = 2
Sub ChartExample()
Dim s As Shape
Dim wb As Object, chart As Object, data As Object
Set s = Application.Presentations(1).Slides(1).Shapes.AddOLEObject(ClassName:="Excel.Chart")
Set wb = s.OLEFormat.Object
Set chart = wb.Sheets(1)
Set data = wb.Sheets(2)
'Set the range for the chart data
chart.setsourcedata Source:=data.Range("A1:C7"), PlotBy:= _
xlcolumns
'Update data values for the chart
data.Range("B1").Value = "Column Label 1"
data.Range("C1").Value = "Column Label 2"
data.Range("A2:C7").clearcontents
data.Range("A2").Value = "Row Label"
data.Range("B2").Value = 7
data.Range("C2").Value = 11
End Sub