An Intel deal now seems less likely. These clues may hold the key to its future.

Intel Corp. investors appear to now be discounting recent speculation that the chip giant could be split in two as part of any sort of big merger deal.

After Broadcom Inc.

AVGO Chief Executive Hock Tan told analysts late Thursday on the company’s earnings call that he was “too busy” to pursue any mergers and acquisitions, that put a further dent in hopes that Intel would find a buyer for its design business.