New DAC or New Speakers?

I would do speakers. Nothing changes the sound more than speakers. I’ve had the aero dac and it’s a great dac. You’d have to spend a lot more to get significantly better. And even then a better dac doesn’t always mean enjoying the music more. I’ve been playing with dacs between $3k-$18k and still hang on to my $3k dac. The more expensive ones are better but I just can’t say I’m enjoying the music more. 
 

however I did just get some Fyne F502s’s and they’re great. Actually can’t believe how good they are for under $4k. The 703sp’s are my pinnacle speaker and after listening to the F502s I can see upgrading likely. Curious to hear your thoughts if you get to audition them. I got to listen to a pair at a dealer in California and they were excellent in every area.

@abd1 Thanks. Yes going from Wharfedale Aura 2 to my Harbeth SHL 5+XD speakers was the biggest of all stereo leaps for sure. 

What 3K DAC are you using over the Aero?

I’d say speakers for sure. Much more impact making a jump there. Having had the Audio Note e/lx, which are often in the same conversation as the Devore due to similar designs, I think you’d be happy with the 0/96’s. I’ve since moved on to larger floor standers for more bass and overall fullness. Good luck with whatever you choose. 

@jacupmakeup the dac I keep coming back to is the Laiv Harmony w/ddc. The best I’ve heard is the Grimm MU2 followed by the Holo May KTE. But when I added the ddc to the Laiv I think it’s right there with the May and maybe a little more dynamic. Just acquired an Aavik D280. So far I like it and it is more expressive than the Laiv. But the key question I ask myself now when trying different gear isn’t if something is “better”. Sometimes it is or sometimes it’s just different. But what I ask myself now is do I enjoy the music more with this component? Do I get more goosebumps or more wtf moments or does it make me want to keep listening, etc. With the dacs, and using the Laiv as my baseline, I haven’t found it yet. And I’ve found that some dacs sound very similar to each other. I think you get a bigger change on amps and preamps, and definitely speakers, compared to differences I hear in some dacs. But we’ll see… maybe this Aavik will be the new thing. So far it is impressive. 

A new DAC will change basically nothing. Pull one out of a big box store AVR and you won't be able to tell the difference. Want a better/different sound? Try new speakers. This isn't even a question. Anyone who suggests a new DAC thinks we're still back in 1978.