Can't start Win11 arm installation on M1

[ansenkoy]

I made several attempts with a few versions (e.g. 21390) for VMware, VirtualBox, and UTM. The last shot was with Windows11_InsiderPreview_Client_ARM64_en-us_25300.VHDX.
I've converted VHDX to qcow2 and tried to start the installation.
In all cases,

I've got the same result.
Please suggest what should I try next.

[baffourt]

Same result with m3, any help on this?

[Pfuschi64]

Just before this screen you see for a split second a kind of remark, saying to hit a key to start with dvd image or similar. Watch carefully to not miss this one and upon hitting it will start installing Windows.

[saulobmansur]

When this screen shows up, you can simply type "exit" to enter EFI settings and select a boot device.