Performing a speculative replay of code execution. Embodiments include replaying trace data comprising a trace data stream that represents execution of one or more executable entities, including storing first runtime state of replaying the trace data in a first replay data structure. During replay, a first point of interest in the executable entities is encountered. Based on encountering the first point of interest, replay of the trace data is ceased, and a user interface presents a portion of the first runtime state. While presenting the portion of runtime state, the trace data is speculatively replayed. Speculative replay includes automatically selecting a second point of interest in the executable entities, creating a second replay data structure from the first replay data structure, and replaying the trace data until encountering the second point of interest, including storing second runtime state of replaying the trace data in the second replay data structure.