To further illustrate my point (forgive the hand-drawn graphics, I’m not great at math):
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Here is a sampled wave (first cycle) going through a zero-order-hold step (second cycle) and finally through a very steep analog low-pass filter (third cycle). This is an ideal representation. As far as I understand, it’s not possible to build a perfect filter in reality. However, the closer a filter is to its ideal version, the more closely the reconstructed wave will resemble its original analog form.
View attachment 406304
Here is the same sampled wave (first cycle) going through an interpolator/digital oversampling filter (second cycle) and then through the Delta-Sigma modulation step (third cycle). Again, this is an ideal representation. As you can see, since the samples are clipped at the oversampling stage, the Delta-Sigma modulator attempts to reconstruct a clipped wave. If we don’t run the signal through a steep analog low-pass filter at the end of the chain (thus defeating the whole purpose of oversampling), we’ll end up with a clipped wave at the output.
As discussed before, in a real oversampling DAC, things can get even worse, with the digital filter overloading and ceasing to function. So, the example I’ve used here is a best-case scenario.
EDIT: Typos.