This is at the notion level, but I'm wondering where the meaning of a text is.

Candidate theories: In the mind of the author. Readers are constructing (whether consciously or not) models of what the author had in mind.

In the minds of readers. People have access to the mind of at most one reader.

But that's limited fun for some kinds of analysis, so critics are apt to make guesses about the minds of a great many readers.

I have respect for a professor (sorry, name and university forgotten) who asked people what they loved about the Lord of the Rings, and why they read it repeatedly. The consensus answer was the moment when Sauron's power fell.

Until I wrote this, I didn't realize that this is an example of successful authorial intention-- Tolkien thought eucatastrophe was crucial.