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I've been using 16.5 and now 17 as of today with Windows 11 ARM64 beta. 16.5 was reporting 1ghz Apple Silicon and producing mid 500 level single...
X86 Virtual Machines do not, will not run under ARM64. I recommend putting the VM's on a thumb drive and just archiving them for the time being...
your current Windows VM's will not work on M1. they are for intel based processors.