It implies making guesses or conjectures based on limited information or personal impressions.
Synonyms:
* Conjecture
* Hypothesize
* Surmise
* Guess
* Ponder
* Wonder
Example:
* "The police are speculating about the motive for the crime, but they have no solid evidence yet."
* "I can only speculate on what might happen next, as there's no way to know for sure."
Note: Spectulate can also mean to look at something intently, similar to "observe" or "gaze," but this usage is less common.