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What software will VB be able to run? Well, Linux for one developers often use Linux virtual machine to run Docker containers on operating systems like Windows or macOS.
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With KVM being open source, Oracle could probably reuse a lot of the existing KVM code for their port if their implementation is still lacking certain features. Aarch64 support on KVM does NOT use binary translation and runs just as quick as the host OS thanks to the virtualisation instruction set in ARM64m that has its analogue in released versions of Apple SIlicon (the dev kit did not have them but the M1 does). Regardless, there are various source on the internet explaining how to enable KVM on the Raspberry Pi 3, so architecturally there is nothing that's preventing a hypervisor from running on any modern ARM chip. On a technical level, the KVM hypervisor has already been implemented on ARM64 (although there is no official Red Hat support because the code isn't finished yet as of right now). It's up to Oracle to put work into VirtualBox to make it work, but there's nothing preventing them from doing so.
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I know, translating the necessary processor optimizations will be hard and will take a while if Oracle ever considers it, but if the alternative is "nobody buys support for Oracle's product on Macs from now on", the investment might just be worth it. I know x86 or x86_64 won't run natively or accelerated on ARM (can't leverage Rosetta2 with a hypervisor) but what is preventing VB from being implemented for ARM? Hypervisors are available on AS, as per Apple's documentation page (see the link from the earlies post, click "Apple Silicon" at the bottom), booting ARM64 Linux or Windows through UEFI already works, drivers and virtual device implementations already exist in the form of VirtIO (which VirtualBox already support (partially?) anyway) and Microsoft is actively changing Windows to run well on existing ARM64 hypervisors.
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