The SMSL M400 MQA DAC uses the newest high performing D/A chip from AKM, the AK4499. It supports MQA decoding, PCM 32bit / 768 kHz, and DSD512 Native along with Bluetooth 5.0.
AudioQuest DragonFly Cobalt
DragonFly Cobalt, our new flagship DAC, takes what music lovers around the world have come to expect from the multi-award-winning DragonFly family—naturally beautiful, seductive sound—and strips away fuzz and fog that weren't even noticeable until Cobalt removed them.
Balanced 3-pin XLR
32 bit / 768 kHz
24 bit / 96 kHz
ESS ES9038Q2M 32 bit with minimum-phase slow roll-off filter for more natural sound
Audio Science Review
mansr, Audiophile Style
As the poor distortion figures of the Cobalt show, even a high-end chip can be compromised by the specifics of the implementation.