Pejorative.
投机 alone means "to seize an opportunity" (neutral) or "to speculate / play angles" (negative); the
商 suffix ("merchant") tilts the word firmly negative - a profit-seeker who exploits market disruptions. Strong in news reporting on inflation, hoarding (
囤积居奇), and market manipulation. Compare neutral
投资者 (tóuzīzhě, investor) vs. pejorative
投机商 (speculator/profiteer).
