I argue that semantics is the study of the proprietary database of a centrally inaccessible and informationally encapsulated input–output system. This system's role is to encode and decode partial and defeasible evidence of what speakers are saying. Since information about nonlinguistic context is therefore outside the purview of semantic processing, a sentence's semantic value is not its content but a partial and defeasible constraint on what it can be used to say. I show how to translate this thesis into a detailed compositional‐semantic theory based on the influential framework of Heim and Kratzer. This approach situates semantics within an independently motivated account of human cognitive architecture and reveals the semantics–pragmatics interface to be grounded in the underlying interface between modular and central systems.