There is a lot of irony in using innuendo to mean connotation or nuance in this situation.
These are both types of guesses but they aren't directly equivalent ideas. Assumptions are kind of like solving a problem with a variable given an example value. (Philosophy) Speculations are like using a statistical model that you hope is correct to arrive at what you think the answer ought to be, perhaps a way of circumventing the inability to make strong enough assumptions. (Investment banking)