As per https://techcommunity.microsoft.com/t5/windows-server-for-it-pro/window-server-standard-hyper-v-licensing/m-p/3051146 Some general info
- Each host needs to be licensed.
- A minimum of 8 core licenses is required for each physical processor and a minimum of 16 core licenses is required for each server.
- Core licenses are sold in packs of two.
- Standard Edition provides rights for up to 2 Operating System Environments or Windows Servers containers with Hyper-V isolation when all physical cores in the server are licensed. For each additional 1 or 2 VMs, all the physical cores in the server must be licensed again. As far as the VM OS license assignment goes, follow https://learn.microsoft.com/en-us/answers/questions/553749/hyper-v-manager-and-vm-os-licenses
hth Marcin