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macOS is proprietary software. You need a license for every copy you run, whether it's in a VM or not. The VM limit is written into the macOS EULA.

> to install, use and run up to two (2) additional copies or instances of the Apple Software, or any prior macOS or OS X operating system software or subsequent release of the Apple Software, within virtual operating system environments on each Apple-branded computer you own or control that is already running the Apple Software, for purposes of: (a) software development; (b) testing during software development; (c) using macOS Server; or (d) personal, non-commercial use.

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This implies anyone doing this using VMware violates the EULA?
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Yes. Apple's not going to come after you for running too many VMs on your personal machine, but if you're running a commercial enterprise involving macOS VMs they do care.
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VMware vSphere is not a product intended to be used by consumers. It's intended to be run by enterprises at scale. ESXi is running the vms not macOS.

https://i0.wp.com/williamlam.com/wp-content/uploads/2020/04/...

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Yes. And the license only allows you to run macOS guests on macOS hosts. So using esxi means you don’t have any license for whatever macOS guests you run.
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You are confusing macos guests on KVM (Linux) and macos guests on ESXi which is a real enterprise product, and officially enables you to run as many macos vms as your hardware supports.
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