(edited - missed off some calculations, removed a paragraph)
So, going by the actual rules in the playtest, and looking at AC.
The following items and features operate if and only if you use no armour *or* shield:
1) Barbarian "Thick Hide" Class feature. The effect is "Your AC is set to 10 + DEX mod + CON mod" (Maximum 20, after many levels)
2) Monk "Unarmoured defence" Class feature. The effect is "Your AC is set to 10 + DEX mod + WIS mod (Again, max 20 after many levels)
3) Bracers of Defence. They set your AC to 13 + DEX mod
The following items and features operate if you use no armour, but does *not* disallow shields:
1) Robe of the Archmagi. It sets your AC to 15 + DEX mod
None of the above class features or items stack: They all set your AC to a particular value. If you have more than one, the highest wins.
Mundane and magical armour all works by setting your AC to a particular value, as well. The best armour you can have by the rules, going purely by the AC it gives you, is a +1 Mithril Plate which will set your AC to 19. There is only one item with an AC bonus higher than +1, the Efreeti Chain, which is Chain mail. Normally at 16, this armour's +2 bonus makes it the equivalent of plate (and it has a number of other interesting enchantments).
There are no +X magical shields in the game at this point, going by the rules - they're not listed as a possibility in armour, and the example of a magical shield does not provide an AC bonus.
From there, we can state that without using any other magical items, the highest AC possible is:
* For a Barbarian or Monk, 20 (after level 16 or so)
* For a user of Light armour, 18 (or 20 if using a shield: 13 + 5 + 2)
* For medium armour, 17 (or 19 if using a shield: 15 + 2 + 2)
* For heavy armour, 18 (or 20 if using a shield: 18 + 2)
Magical armour can add at most +1 to this, and only for users of light, medium or heavy armour.
So our current absolute maximums are 20 for a barbarian or monk, or 21 for a heavy or light armour user with a shield.
There is at least one race which provides a +1 AC bonus. This can obviously only be taken once.
Classes with the fighting style option may take a +1 bonus at that point. This can only be taken once.
A character with the duel wielder feat gets +1 to AC if wielding two non-shield weapons, but this falls between Armour and Armour+shield
That brings our totals up to 23 for a barbarian/monk or 22(26) for an armour user (using a shield)
There are no other feats, racial or class features that apply.
We're now down to items and spells.
Items...
The only items with an AC bonus are the ring of protection and the Ioun stone already mentioned. Using both, you can get +2 to AC.
That gives us 25 for Barb/Monk and 24(26) for an armour user.
Note that the Ioun stone can be targeted on its own. It has an AC of 24, 10 hit points and resistance to everything - and its destruction will become a tactical certainty if there are intelligent as soon as your own AC is around 23 or 24.
There's the Defender, which is a +3 greatsword. Transferring any of that attack bonus to AC can only be done on your turn, and it is a two-handed weapon - it can't be used with a shield.
That means we have 25(28) and 24(27)(26) for Monk/Barb(with Defender) and Armour User(with Defender)(with Shield).
Finally, we have the Shield of Faith spell, which provides a +1 AC bonus for up to 10 minutes, subject to concentration.
That means we have an absolute upper limit of AC 25 or 26, which can be increased to 27 or 28 if the party are not surprised. And that's on one character, who (if you're playing the game with magic items as written) has probably got the lion's share of magic in the group. Remember, this is an edition where everyone having a Ring of Protection would be unbelievably rare - you no longer need those bonuses just to stay on par.
In order to obtain this score, you have to put all of your possible choices into defence. You need to have found a specific set of rare and very rare magic items, in a system that defaults to greater magical items (Those that have a largely mechanical effect) being very rare.
Have I missed anything?
If we're discussing stacking, where in the above do you think the stacking does something you'd rather it didn't?
Is it reasonable to have one incredibly lucky character be extremely hard to hit if they've spent most of their available resources on it?