Etymology
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speculation (n.)

late 14c., "intelligent contemplation, consideration; act of looking," from Old French speculacion "close observation, rapt attention," and directly from Late Latin speculationem (nominative speculatio) "contemplation, observation," noun of action from Latin speculatus, past participle of speculari "observe," from specere "to look at, view" (from PIE root *spek- "to observe").

Meaning "pursuit of the truth by means of thinking" is from mid-15c. 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.

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Definitions of speculation

speculation (n.)
a message expressing an opinion based on incomplete evidence;
Synonyms: guess / conjecture / supposition / surmise / surmisal / hypothesis
speculation (n.)
a hypothesis that has been formed by speculating or conjecturing (usually with little hard evidence);
speculations about the outcome of the election
Synonyms: conjecture
speculation (n.)
an investment that is very risky but could yield great profits;
he knew the stock was a speculation when he bought it
Synonyms: venture
speculation (n.)
continuous and profound contemplation or musing on a subject or series of subjects of a deep or abstruse nature;
Synonyms: meditation
From wordnet.princeton.edu