Better chord machine explanation?

I think you’re both correct. It’s not FM though, it’s a wavetable created using additive synthesis. See also @Ess ’s post on the Mode:Cycles’s Chord machine. There are multiple threads in the M:S topic where he explains more about the Chord machine, which I think you can extrapolate 1:1 for Syntakt.

Edit:
More info from @Ess on the Chord machine

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