Exactly kalali. The fallacy that the D/A chip is the major determinant of sound quality leads folks to the wrong conclusions/decisions regarding the sound quality that different DACs provide.
I just bought a (used) Hegel HD-12 ($1400 MSRP) and have spent 2 days thus far listening to it. I find it to sound very good streaming Masters from Tidal. Before I bought it, I researched the D/A chip (AK4399) utilized in the HD-12. It was AKM’s top D/A chip two years ago and was also used in the Esoteric D-02 ($23,500 MSRP).
The AK4399 D/A chip itself can be bought for $22.50 and complete DACs with this chip are being sold on eBay for <$200. Does anyone expect these models to sound like the Esoteric D-02 or even the HD-12. I hope not.
So, what’s the difference in the <$200 DAC and the $23,500 Esoteric D-02 that both utilize the same AK4399 D/A chip? The number of chips utilized, the processing algorithm, the filters chosen, the segregation of digital and analog circuitry, the buffer amplifiers, the power supply/power regulation/noise rejection circuitry, the quality of components other than the D/A chip (especially in the analog section), the flexibility of input options, the enclosure, etc.
Dave