Now that the message is confirmed, dozens of different theories about its interpretation have appeared. Each of them has its own dedicated thread in the #interpretation-chat channel in Discord, which now is much more active than ever. Here are some of the different topics seen around.
Does the Fourier transform give any useful information? This is similar to the pattern that you would get if you perforated the message on a piece of cardboard and shined light through it, due to diffraction.
Does the message match the absorption spectrum of some chemical element?
Is there any information encoded in how the message was split into pieces for transmission?
Maybe the message has multiple parts, with each part separated by a delimiter.
Could the message be related to some fundamental physical constant, such as the fine structure constant?
Aliens would surely include a way to contact them in a message. How does the message contain the location of the extraterrestrial intelligence?
And finally, many graphical patterns: a pentagram, a mouse...