Basic technical question about digital source signals

Forgive if this is a stupid question, but the current thread about digital vs analog made me curious: if you look at an analog music signal you see (I think) summations of sine waves i.e. a signal waveform which is "smooth". I realize that there are many contributions to digital sound, but starting with the most basic, if you look at the output from a digital source e.g. on an oscilloscope, would it appear "smooth" i.e. has all the stairstepping that occurs when you convert digital to analog been smoothed out or would the signal appear jagged to some extent?

Thanks for your time.