As noted by researcher Csaba Fitzl (via Eclectic Light Company), it seems that the latest Macs with the M4 chip are unable to run virtual machines with macOS versions prior to Ventura 13.4. The ...

Run macOS on Windows using a virtual machine like VirtualBox or VMware. Enable virtualization, disable Hyper-V, allocate sufficient RAM and storage, load a macOS ISO, and follow setup steps to install ...