- The approaching magnet's north pole is closer to the conducting surface, and feels stronger push back from the superconducting magnet (as soon as you started the eddy current, the superconducting piece is just a permanent magnet, assuming the current does not change). This fall is unstable, and a tiny deviation from the vertical will give an angular momentum to the falling magnet.
- Assuming the surface the magnet falls to is not infinite, the magnet will also tend to slide sideways, as repelling magnets normally do if you try to push them together, because field lines won't be parallel to the finite superconducting surface.
- In response, the superconducting magnetic field will adjust to counter any of these magnet movements. For example, both sideways and angular acceleration will receive a counter-push from the changing superconductor current.
- The falling magnet is also a piece of metal, and subject to eddy currents from the magnet it falls onto, as long as its induced field varies. This is the chief source of damping the whole dynamics of the system. (There's of course air resistance, too.)
- And there are two different types of semiconductors, which respond to the changes of external magnetic field differently: the induced field in one is smooth (perfectly smooth in theory), but the other's is rough and bumpy. These are called, somewhat uninventively, Type I and Type II, respectively.
This is how a high-temp, "bumpy field" type II superconductor behaves (I recall this is called “flux pinning”, but it's a bad name, IMO). However, I do not know from experience what would exactly happen if you dropped a magnet on a chunk of metallic type I superconductor as large as the experimenter's copper disk, as current (including out case of induced eddy current) in superconducting metals produces a very smooth magnetic field, and expel all magnetic field lines out of material. The high-temp ceramic, in contrast, lets some field lines through what you can think about as perfect quantum "holes" or thin tubes in the material. I think in this case the magnet would experience much less viscous interaction with its induced magnetic field, but would it eventually stabilize, or just end up sliding sideways forever (on until it finds the edge of the superconductor plate and falls, whichever comes first), and whether it will it stabilize rotationally or tumble, I do not know. All the above effects still apply, but I cannot clearly imagine the full dynamics. My best guess is that rotation and up/down bobbing would nearly (exponentially) cease due to induced eddy current losses the magnet, but there is nothing much I can think of to eat up the constant momentum of a magnet flying parallel to the semiconducting surface in the perfectly smooth field. I just do not know how "bumpy" is the field in real, not theoretically perfect superconducting metals.
[Under construction: I'll try to findEDIT: Here's a recorded experiment of this exact setup, with a bulk rare earth magnet levitating over a flat piece of superconducting ceramics: https://youtu.be/qYhnt6Q_dXg?t=205. The link is to athe point in the video, there must where the effect can be some out there!]observed the best. The narration is physically irrelevant, to say the least, but the demonstration itself is very clear. The dark disk at the bottom of the liquid nitrogen bath is a piece of superconducting ceramic, and the shiny cube floating over it is a magnet.