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The configuration of NAND gate inverters shown is one of many ways to create an astable multivibrator : a two-state device which is not stable in either state. If we start with point A high, then that high voltage charges the capacitor and after a time characteristic of the time constant RC will reach the threshold for switching A low and B high. Then the charging process will reverse until the transition back to the original state occurs. This circuit can be constructed from half of an IC7400 quad NAND gate.
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