Hi,
Thank you for your posting!
Firstly, I would like to clarify the concept of Windows Server Licensing: the physical CPUs are what is licensed while virtual machines are not directly licensed. Although you have to plug in keys to activate them, but keys are not licenses, they do not represent licenses. You may need to contact directly with your retailer about the activation keys for your VMs.
In addition, to better help you understanding different Windows Licensing, this article can be helpful:
https://www.altaro.com/hyper-v/virtual-machine-licensing-hyper-v/
(Please note: Information posted in the given link is hosted by a third party. Microsoft does not guarantee the accuracy and effectiveness of information.)
And based on your descriptions, I think you may also be confused with virtual machine and instances, and I found an article for this information which can resolve your confusion:
https://www.altaro.com/hyper-v/windows-server-standard-edition/
(Please note: Information posted in the given link is hosted by a third party. Microsoft does not guarantee the accuracy and effectiveness of information.)
Thank you for your time!
Best regards
Joann
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