When you speculate, you are usually thinking of different things that might be possible or that might happen, based on facts you already know.
He watched a lot of game shows, and speculated about ways to win money.
The economy was bad because of bankers speculating on the stock market.
To guess is to try and get a correct answer without knowing for sure.
He guessed his height was six feet, but he hadn't measured himself.
I didn't study for the test, so I guessed the answers.
She couldn't remember what time they were meeting, so she guessed noon.
Guess can also be used as a noun, but speculate can't.
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