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These often creak. Suggest anyone that gets this type of adjustable ahead/quill stem hybrid things take them apart when its new and apply very high pressure grease (lots of Moly in it) to all the contact surfaces. Then use a mild thread lock on the bolts that hold the adjusters together and set to the desired height before it sets. They often sound like a nasty BB, creaky clicky graunching sound when any load put on them.
Yeah stem is wierd, does the job of the top cap. This machine will not be ridden that hard so hopefully wont develop a creak.