In-Context Learning as Conditioned Associative Memory Retrieval

We provide an exactly solvable example for interpreting In-Context Learning (ICL) with one-layer attention models as conditional retrieval of dense associative memory models. Our main contribution is to interpret ICL as memory reshaping in the modern Hopfield model from a conditional memory set (in-context examples). Specifically, we show that the in-context sequential examples induce an effective reshaping of the energy landscape of a Hopfield model. We integrate this incontext memory reshaping phenomenon into the existing Bayesian model averaging view of ICL [Zhang et al., AISTATS 2025] via the established equivalence between the modern Hopfield model and transformer attention. Under this unique perspective, we not only characterize how in-context examples shape predictions in the Gaussian linear regression case, but also recover the known ϵ-stability generalization bound of the ICL for the one-layer attention model. We also give explanations for three key behaviors of ICL and validate them through experiments.