Point of diminishing return for a DAC

I’ve not seen any point of diminishing return. It’s about system matching. Sure, buying a dCS Vivaldi stack and pairing in with a Schiit Freya will sound nice, but you’re probably not really getting your money’s worth. I’ve got DACs on hand that range from a couple hundred dollar Schiit to many tens of thousands. Every step up in price is certainly a noticeable jump in quality. Most of the gains from higher end products like those with Chord, employ custom chips and increasingly better power supplies.