The elementary computations of neural networks are understood on a physical and a chemical level. In the brain, neural networks process information by propagating all-or-none action potentials that are converted probabilistically at synapses between neurons. By contrast, the nature of neural computation at the network level – where thoughts are believed to emerge – remains largely mysterious. Do action potentials only “make sense” in the context of collective spiking patterns? Which spatiotemporal patterns constitute a “meaningful computation”? What neural codes make these computations possible in spite of biological noise?