My AK240 reads the Kingston 512 GB microsd card that I recently purchased no problem. Thanks to info on this thread, I first used a card reader and loaded files onto it through Windows explorer. I then removed the card safely and inserted it into my player, which recognized the card and all the files. No problems with "damaged card", long delays in reading, etc.
So I guess the takeaway is to mount the card first on Windows, let it do its thing with FAT32, and only then insert into the AK240.
The only catch is that third-party software (I use Media Monkey) might not recognize the files in its main library. In my case it saw them as separate folders. So I had to delete and re-load them all, which was a slight annoyance, but now I'm all set to go. My main problem now is to decide how to use all that extra storage space