It uses both. It uses three independent switching regulators are synchronized to the audio clock. This ensures that the fluctuations of the switching circuit are in time with that of the audio clock reducing fluctuations and noise interference.
It also consists of a triple linear regulated circuit purifies remaining noise.
For those interest - details on the new Link PSU can now be found here - https://stackaudio.co.uk/product/link-psu-18v/
IMO - an impressive upgrade to the Link - and extremely well built - for (in the scheme of things) not a lot.
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