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Linear attention reduces the quadratic cost of softmax attention to $\mathcal{O}(T)$, but its memory state grows as $\mathcal{O}(T)$ in Frobenius norm, causing progressive interference between stored associations. We introduce \textbf{Variational Linear Attention} (VLA), which reframes the memory update as an online regularised least-squares problem with an adaptive penalty matrix maintained via the Sherman-Morrison rank-1 formula. We prove that normalising the write direction to unit length gives the recurrence Jacobian spectral norm exactly $1$ for all sequence lengths and head dimensions (Proposition 2), and that the state norm is self-limiting under bounded inputs (Proposition 1). Empirically, VLA reduces $\|S_t\|_F$ by $109\times$ relative to standard linear attention at $T{=}1{,}000$, achieves near-perfect exact-match accuracy on multi-query associative recall within the effective per-head memory regime ($n_\text{pairs} < d_h$), maintaining substantially higher retrieval performance than DeltaNet and standard linear attention under increasing memory load, and maintains 62\% accuracy at the per-head capacity boundary. A Triton-fused kernel achieves $14\times$ speedup over sequential Python and $\mathcal{O}(T)$ scaling, crossing below softmax attention latency at approximately 43\,000 tokens.