CDs were the first popular digital audio format, using 16-bit, 44.1 kHz digital audio. Of course, CDs have largely been replaced by streaming services, which provide digital audio that varies in resolution. Some have master-quality or high-resolution lossless audio, like TIDAL and Apple Music, while others like Spotify use compressed formats.
Uncompressed files like WAV and AIFF are considered hi-fi quality, equal to CD audio resolution. High-resolution lossless compression formats like ALAC and FLAC also qualify. Some services offer master-quality recordings, meaning they stream the original master audio files recorded in 24-bit and high sample rates like 96 kHz. For these formats, you'll need a digital-to-analog converter capable of handling these higher rates.
In the early days of online file sharing and streaming, the mp3 file format was all the rage. While easy to transmit, store, and stream due to their small size, mp3s are compressed, meaning they sacrifice audio data to achieve a smaller file size. This is done by removing less audible frequencies, so you may not hear the difference between a WAV and mp3 version of the same song. However, once removed, this audio data is gone for good, so playing an mp3 on a hi-fi speaker will not magically make it sound hi-fi. If anything, the better the playback system, the more likely you are to hear the diminished quality in the mp3 file.
For streaming true hi-fi audio, you'll need a service and subscription tier with lossless digital audio streaming, plus a fast internet connection with a generous data allowance to keep up with the larger audio files.
If you still have a CD player and a CD collection, don't banish them to the basement! You can hook up your player to a high-quality amplifier and speakers to enjoy old-school hi-fi audio. This can also work for vinyl enthusiasts.