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.
- DataCenter Edition provides rights for unlimited Operating System Environments or Windows Servers containers with Hyper-V isolation when all physical cores in the server are licensed.
So you'll license the host for the 48 cores twice if using Windows Server 2019 Standard to run 4 virtual machines.
https://download.microsoft.com/download/7/C/E/7CED6910-C7B2-4196-8C55-208EE0B427E2/Windows_Server_2019_licensing_datasheet_EN_US.pdf
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