Some embodiments provide a neural network inference circuit for executing a neural network that includes multiple computation nodes at multiple layers. Each of a set of the computation nodes includes a dot product of input values and weight values. The neural network inference circuit includes (i) a first set of memory units allocated to storing input values during execution of the neural network and (ii) a second set of memory units storing encoded weight value data. The weight value data is encoded such that less than one bit of memory is used per weight value of the neural network.