What the Speculation Rules API means
The Speculation Rules API is a Chrome browser mechanism for anticipating the next page a user is going to visit and starting to prepare it before they click. The idea itself is not new, preloading resources has existed for years with rel=prefetch and rel=preload, but its scope is: instead of preloading a single file, it can prepare the whole navigation, including running JavaScript.
It replaces the old link rel=prerender tag, which Chrome retired because of its poorly controlled resource cost. The new API defines rules through a script type=speculationrules block in JSON format, which lets you specify precisely when to act: a fixed list of URLs, or a pattern that applies to any link meeting a condition, what the specification calls document rules.
It is a feature specific to Chromium-based browsers; as of this writing it is not a universal standard supported by every browser. In other browsers, the page still loads the usual way, without the head start this API provides, which matters when reading any performance measurement.