Is there any such thing as a bad sounding DAC these days?

Recently compared a Topping D50III ($250) to a HoloAudio May L2 ($5K). SLIGHT differences, where depending on music played I SLIGHTLY preferred one over the other. DACs linked in Roon, volume matched, both connected to preamp, so could switch source on preamp with click of the remote. Differences in musical recordings and personal tastes are more decisive than objective quality.

And yes, I selected the D50III based on excellent measurements and listening reviews on ASR. The May was chosen based on review by Goldenear who infamously debunked MQA.

After reading his NYT interview, ask Chad Kassem if there are any good DACs out there.

The biggest issue is not the chip, it is analog part. Cheap DACS use cheap op amps and electrolytics as well as do not isolate digital and analog power supplies.

This is funny many will choose denafrips terminator because it’s really excellent DAC. When Trelja heard the whole line of Denafrips. He prefers the Ares, this probably 7 yrs ago. So I went to axpona and went to listen to terminator and Ares . Joe was right , the Ares sound bigger but many listeners loves the terminator.I bought the Ares demo.

Bad? Good? Depends on what you're using as your reference. 

Sure, any DAC should sound better than no DAC at all. But once you start listening to more DACs,  you may decide, "Yeah, that DAC doesn't sound so great after all"

Fully agree though that DACs' have come a long way over the years