The downward and upward positions are equilibria. Linearization about gives
so the downward equilibrium is stable for and unstable for ; at equality it is marginal at linear order. At , the linear coefficient is , so the upward equilibrium is unstable.
When , there are also the two equilibria
At either nonvertical equilibrium, differentiation of the right-hand side gives , so both are stable when distinct. This is a pitchfork bifurcation of a rotating hoop bead at .

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