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the contemplation or consideration of some subject:
to engage in speculation on humanity’s ultimate destiny.
a single instance or process of consideration.
a conclusion or opinion reached by such contemplation:
These speculations are impossible to verify.
conjectural consideration of a matter; conjecture or surmise:
a report based on speculation rather than facts.
engagement in business transactions involving considerable risk but offering the chance of large gains, especially trading in commodities, stocks, etc., in the hope of profit from changes in the market price.
a commercial venture or undertaking.
Contemporary Examples

The speculation—something casual fans are mostly unaware of—has spread from the blogosphere to the mainstream.
Tennis Has a Doping Problem Sujay Kumar July 7, 2013

speculation that the two are now set for a longer term relationship is rife, but it may be wide of the mark.
Why We Adore Liz Hurley’s Love Life Tom Sykes April 5, 2011

Beard does admonish the tendency of both academics and popular authors to present speculation as historical truth.
The Classics are Dead! Long Live the Classics! Mary Beard’s New Book Nick Romeo September 19, 2013

speculation is now rife that either “business interests” or foreign secret services—most probably Russian—are behind such efforts.
Warsawgate Rocks Poland Andrew Nagorski June 23, 2014

speculation has already surfaced that the President might jet back to Copenhagen if a deal is within reach a week later.
Obama’s Secret Climate Pact Richard Wolffe November 25, 2009

Historical Examples

The brave will reject such unmanly, such fatal refinements of speculation.
Deformities of Samuel Johnson, Selected from his Works Anonymous

I regret that I wasn’t here in those heroic days of speculation.
The Three Cities Trilogy, Complete Emile Zola

He believed his brother was fairly well off, and he knew that he had made a good amount by speculation in the last year or two.
Chronicles of Martin Hewitt Arthur Morrison

But I forget that speculation about the new life is not writing the history of the old.
Wilfrid Cumbermede George MacDonald

The city of Centralia became alive with gossip and speculation about this new move on the part of the employers.
The Centralia Conspiracy Ralph Chaplin

noun
the act or an instance of speculating
a supposition, theory, or opinion arrived at through speculating
investment involving high risk but also the possibility of high profits
n.

late 14c., “contemplation, consideration,” from Old French speculation, from Late Latin speculationem (nominative speculatio) “contemplation, observation,” from Latin speculatus, past participle of speculari “observe,” from specere “to look at, view” (see scope (n.1)). Disparaging sense of “mere conjecture” is recorded from 1570s. Meaning “buying and selling in search of profit from rise and fall of market value” is recorded from 1774; short form spec is attested from 1794.