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On the 'transport' side of things, I really don't see it as direct competition, but that's just my opinion
I think there's definitely room in the market for both, although I understand Fiio's apparent nervousness about how small or large the 'digital transport' niche actually might be.
Fiio are talking about needing a firm 10,000 backers, minimum, to proceed.
Mojo has already sold close to 3 times that, so it'll be interesting to see how many Mojo customers buy into the Chord add-ons (my guess is at least 1/3rd, and probably more)
I think FiiO isn't seeing the big picture. They could even double down by marketing a pairing of the T3 with their upcoming Q5. Won't be as good as the Mojo, but there are so many uses for such a device, including desktop setups.
James has mentioned they are considering that.
Anyway, as I said, I think there is plenty of room in the market for both Chord and Fiio, and I really don't view the situation, on the transport side of things, as directly-competitive; only on the DAC side, and there are numerous competing DACs on the market, anyway!
Because the Chord add-ons are (AFAIK) being developed exclusively for use with Mojo (directly-attaching to Mojos ports and chassis), the only proportion of potential sales one could argue that Fiio might 'lose' (I use the term 'lose' only lightly, within this particular context) are from Mojo customers, and, therefore, any such Mojo-owners who did, perhaps, decide to buy the Fiio transport, instead of Chord's dedicated add-on, Fiio would actually have Chord to thank, since without Mojo, they might not need any transport, from any company, whatsoever, so its 'swings and roundabouts'
As for Chord potentially losing some business as a consequence of some Mojo-owners buying a Fiio transport, instead of a Chord add-on, well, that's a different matter, but I don't think John will be losing any sleep, as Mojo has been so successful, that even 1/4 or 1/3rd of the ever-growing number of Mojo customers, will be a sufficient sales figure for the add-on.