[proofplan]
The proof is a direct comparison between [Lyapunov stability](/page/Lyapunov%20Stability) and uniform boundedness of the linear flow. If the origin is Lyapunov stable, then the stability condition keeps a sufficiently small ball inside the unit ball for all future times; linearity of $x \mapsto e^{tA}x$ then scales this unit-ball estimate to every initial condition. Conversely, a uniform operator bound for $e^{tA}$ immediately gives the $\varepsilon$-$\delta$ condition for Lyapunov stability.
[/proofplan]
[step:Express Lyapunov stability using the linear flow]
For each initial condition $x_0 \in \mathbb{R}^n$, the solution of the linear autonomous system with $x(0)=x_0$ is the map
\begin{align*}
x_{x_0}: [0,\infty) &\to \mathbb{R}^n
\end{align*}
defined by $x_{x_0}(t)=e^{tA}x_0$. Thus the equilibrium $0$ is Lyapunov stable precisely when, for every $\varepsilon>0$, there exists $\delta>0$ such that
\begin{align*}
|x_0|<\delta \implies |e^{tA}x_0|<\varepsilon \quad \text{for every } t\ge 0.
\end{align*}
[/step]
[step:Scale the Lyapunov stability estimate to obtain a uniform bound]
Assume that $0$ is Lyapunov stable. Apply the stability condition with $\varepsilon=1$. Then there exists $\eta>0$ such that, whenever $y \in \mathbb{R}^n$ satisfies $|y|<\eta$,
\begin{align*}
|e^{tA}y|<1 \quad \text{for every } t\ge 0.
\end{align*}
Define $M:=2/\eta$. We prove that this $M$ works. If $x=0$, then $|e^{tA}x|=0=M|x|$ for every $t\ge 0$. Now let $x \in \mathbb{R}^n$ with $x \ne 0$, and define the scalar
\begin{align*}
\alpha:=\frac{\eta}{2|x|}.
\end{align*}
Then $\alpha>0$ and $|\alpha x|=\eta/2<\eta$. Applying the preceding stability estimate to $y=\alpha x$ gives
\begin{align*}
|e^{tA}(\alpha x)|<1 \quad \text{for every } t\ge 0.
\end{align*}
Since $e^{tA}: \mathbb{R}^n \to \mathbb{R}^n$ is linear for each fixed $t\ge 0$, we have $e^{tA}(\alpha x)=\alpha e^{tA}x$. Therefore
\begin{align*}
\alpha |e^{tA}x|<1.
\end{align*}
Dividing by $\alpha>0$ yields
\begin{align*}
|e^{tA}x|<\frac{1}{\alpha}=\frac{2|x|}{\eta}=M|x|.
\end{align*}
Hence $|e^{tA}x|\le M|x|$ for all $x \in \mathbb{R}^n$ and all $t\ge 0$.
[guided]
Assume that the equilibrium $0$ is Lyapunov stable. The definition says that every target radius can be protected uniformly for all future time, provided the initial condition starts close enough to $0$. We use the target radius $1$, because a bound on the image of one small ball can be rescaled to all of $\mathbb{R}^n$ using linearity.
Applying Lyapunov stability with $\varepsilon=1$, there exists $\eta>0$ such that
\begin{align*}
|y|<\eta \implies |e^{tA}y|<1 \quad \text{for every } t\ge 0.
\end{align*}
Define the constant
\begin{align*}
M:=\frac{2}{\eta}.
\end{align*}
We now verify that $M$ gives the desired uniform estimate.
First, if $x=0$, then $e^{tA}x=0$ because $e^{tA}: \mathbb{R}^n \to \mathbb{R}^n$ is linear. Hence
\begin{align*}
|e^{tA}x|=0=M|x|
\end{align*}
for every $t\ge 0$.
Now let $x \ne 0$. We want to use the small-ball estimate, but $x$ itself need not satisfy $|x|<\eta$. The way to force it into the stable ball is to scale it down. Define
\begin{align*}
\alpha:=\frac{\eta}{2|x|}.
\end{align*}
Then $\alpha>0$, and the scaled vector $\alpha x$ satisfies
\begin{align*}
|\alpha x|=\alpha |x|=\frac{\eta}{2}<\eta.
\end{align*}
Therefore the Lyapunov stability estimate applies to $y=\alpha x$, giving
\begin{align*}
|e^{tA}(\alpha x)|<1 \quad \text{for every } t\ge 0.
\end{align*}
For each fixed $t\ge 0$, the map $e^{tA}: \mathbb{R}^n \to \mathbb{R}^n$ is linear, so
\begin{align*}
e^{tA}(\alpha x)=\alpha e^{tA}x.
\end{align*}
Since $\alpha>0$, taking Euclidean norms gives
\begin{align*}
|e^{tA}(\alpha x)|=|\alpha e^{tA}x|=\alpha |e^{tA}x|.
\end{align*}
Combining this identity with $|e^{tA}(\alpha x)|<1$, we obtain
\begin{align*}
\alpha |e^{tA}x|<1.
\end{align*}
Dividing by $\alpha$ gives
\begin{align*}
|e^{tA}x|<\frac{1}{\alpha}.
\end{align*}
By the definition of $\alpha$,
\begin{align*}
\frac{1}{\alpha}=\frac{2|x|}{\eta}=M|x|.
\end{align*}
Thus
\begin{align*}
|e^{tA}x|<M|x|
\end{align*}
for every nonzero $x \in \mathbb{R}^n$ and every $t\ge 0$. Together with the case $x=0$, this proves the required uniform bound.
[/guided]
[/step]
[step:Use the uniform bound to verify Lyapunov stability]
Conversely, assume that there exists $M>0$ such that
\begin{align*}
|e^{tA}x| \le M|x|
\end{align*}
for every $x \in \mathbb{R}^n$ and every $t\ge 0$.
Let $\varepsilon>0$ be given, and define
\begin{align*}
\delta:=\frac{\varepsilon}{2M}.
\end{align*}
If $x_0 \in \mathbb{R}^n$ satisfies $|x_0|<\delta$, then for every $t\ge 0$,
\begin{align*}
|e^{tA}x_0| \le M|x_0|<M\delta=\frac{\varepsilon}{2}<\varepsilon.
\end{align*}
This is exactly the Lyapunov stability condition for the equilibrium $0$. Hence $0$ is Lyapunov stable.
[/step]
[step:Conclude the equivalence]
The first implication shows that Lyapunov stability of $0$ forces a uniform bound on the family of linear maps $(e^{tA})_{t\ge 0}$. The reverse implication shows that such a uniform bound implies the $\varepsilon$-$\delta$ stability condition for all future times. Therefore the equilibrium $0$ is Lyapunov stable if and only if there exists $M>0$ such that
\begin{align*}
|e^{tA}x| \le M|x|
\end{align*}
for all $x \in \mathbb{R}^n$ and all $t\ge 0$.
[/step]