There’s an updated (October 2022) Microsoft Licensing Brief to detail the licensing of Windows Server for use with virtualisation technologies.

This document is updated for the new per virtual machine licensing model for Windows Server, so if you’re pondering how containers are licensed, how Windows Server licensing changes with VMware or Virtuozzo, or how you license Windows Server for use on Microsoft Azure, you’ll find this useful document here: https://bit.ly/3SSzfMJ.