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A study of different distortions in high‐speed differential PAM‐4 signals, including the linear distortions, i.e. amplitude mismatch, channel skew and bandwidth mismatch, and the non‐linear distortion, i.e. the mismatch between rising and falling edges is presented. It is observed that only the non‐linear distortion introduces a large common‐mode (CM) noise at the double Nyquist frequency, which causes electromagnetic interference (EMI) in high‐speed serial links. At last, Monte‐Carlo simulations are performed to investigate the impact of signal distortions on the EMI‐related CM noise. [ABSTRACT FROM AUTHOR]