I did a basic search in this thread but didn't see an answer to a question.
Have Fiio considered designing a custom dac/amp in house, like chord did with the mojo? Not sure if the design principles behind their products can be matched, but it would be very interesting to me, especially if it could mean further SQ improvements over 'off the shelf' DACs
There are not many companies designing DACs -
AKM Semiconductor {Audio ADCs/DAC IC Manufacturer}
Analog Devices {Analog-to-Digital Converters/Digital-to-Analog Converter ICs}
Cirrus Logic {Audio A/D and D/A converters, CODEC Manufacturer}
Fairchild Semiconductor {ADCs/DAC IC Manufacturer}
Holtek Semiconductor Inc. {DAC/ADC ICs}
Intersil {ADCs/DAC IC Manufacturer}
Linear Technology {ADCs/DAC IC Manufacturer}
Maxim Integrated Products {ADCs/DAC IC Manufacturer}
Microchip {Delta-Sigma/Dual Slope/Binary/BCD ADC ICs}
National Semiconductor {ADCs/DAC IC Manufacturer}
NEC {D/A Converter for Audio System}
NJR Corporation {ADC-DAC-V/F-F/V Converter ICs}
Renesas Technology America, Inc {D/A R2R, Multiplying, A/D Converter}
Sony {A/D Converter 1:2 De-Multiplex, TTL Output, Sample & Hold, D/A Converter}
Thaler Corp. {A/D Converter Manufacturer. ADC 18-26 bits}
Texas Instruments 'TI' {ADC-DAC-Voltage/Freq Converter IC Manufacturers}
Wavefront Semiconductor {48kHz 24-bit stereo audio ADC, low-cost 24-bit DAC IC Manufacturer}
Wolfson Microelectronics
{Mono, Multi-channel and Stereo ADCs}
(copied from : http://www.interfacebus.com/Analog_DAC.html )
- and then FCPGA DACs like then ones from Chord.
This is pretty hard stuff to do and also not a super profitable business. One of the reasons the DACs don't get updated much. I mean the Wolfson 8740 is decades old (and still good).
Anyhow, consolidation is setting in as well. Wolfson is now owned by Cirrus Logic, BurrBrown by Texas Instruments, etc.
It takes an awful lot of brain power to create a DAC equal to the ones available. Making it BETTER, well. That's a different story. And then you can buy the existing DACs for a handful of dollars - so no high return business unless you are in it for the long run.
Cheers!