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I'm using the ARM64 build of Office 365 , and yes, I do use the BBG add in within Excel and do data calls. I think it simply has an x64 emulator...
When Apple moved away from Intel chips (x86 or x64 architecture) to their own chips (M1 etc), the "regular" version of windows doesn't work, hence...
I have Bloomberg running on 2021 MBP 16 M1 Max running Windows 11 ARM version via PD17, no problems whatsoever. Running in Coherence mode, too.