A delay-differential equation modelling an artificial neural network w
ith two neurons is investigated. A linear stability analysis provides
parameter values yielding asymptotic stability of the stationary solut
ions: these can lose stability through either a pitchfork or a Hopf bi
furcation, which is shown to be supercritical. At appropriate paramete
r values, an interaction takes place between the pitchfork and Hopf bi
furcations. Conditions are also given for the set of initial condition
s that converge to a stable stationary solution to be open and dense i
n the functional phase space. Analytic results are illustrated with nu
merical simulations.