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When in a package or a chip, the signals are changing very fast, the inductances in the bondwires or inside the chip or at the device level will cause a change in the voltage as per V = L*di/dt. Hence your ground will actually vary rather than staying at zero potential. This will distort the quality of the signal.
This has become a very big issue due to the increased speeds. The slewing constraints have to be met. So, we put bypass capacitors between the supplies in order for the voltage spikes to reduce.
I hope that it helps......
Added after 2 minutes:
The reason why the term is called ground bounce is because the output voltage, when it is expected to fall to ground, does not actually do so. It starts falling but due to the voltage due to the current spikes, it bounces from the ground level.