as of July 12, 2021, the info on this page is seriously out of date and incomplete. Here's what you need to know. The latest release is 16.5. It runs on both Intel and M1 Macs. It is ONE product, shipped as an Universal app; you don't have to worry about ordering the Intel or M1 version of Parallels separately. On Intel Macs it runs basically unchanged as it has for the past few years. you can install Intel versions of Windows, macOS and Linux. On M1 Macs, you can ONLY install ARM-based operating systems. This includes Windows ARM (which you have to get from Microsoft by signing up with the Windows Insider program. ) There are various ARM based flavors of Linux. At this time, Parallels does NOT support installing a guest version of Big Sur on M1 Macs. So if you have an M1 Mac and wanted to run macOS guest virtual machines, not possible at this time; stick with an Intel Mac. As for Windows on M1, it is not the Windows Intel version everyone is familiar with, it is Windows ARM. It will run ARM based versions of Windows software fine; it can also run Intel Windows apps, but does so in emulation mode. In other words, if you are trying to run an old Windows Intel app, you would be running this in emulation, on Windows ARM, which is running virtualized under Big Sur, on a M1 Mac. The reviews I have read all say that amazingly, because the M1 is so fast and efficient, running Windows Intel apps under Windows ARM emulation, then virtualized, is not that bad, no worse than say running it on a ARM based Surface Pro. My personal opinion (I've been using Parallels, VMWare Fusion since the early 2000's.). If running a Windows app is mission critical for your business, go buy a used, refurbished Intel PC for under $500. And in many cases, if you're a business, you already have old Windows boxes lying around. I have Windows 10 running on 10 year old laptop with 4 GB of RAM just fine, just be sure to replace the old hard drive with an SSD. Then log into the PC remotely from your Mac using any of a dozen Mac based Remote Desktop apps. Microsoft can provide arm based versions of their Windows apps if they want, but IMO, running Microsoft apps is not the main reason Mac users want/need to run Windows ...it's that 10 year old accounting program, or custom built app that your company runs on that needs to be supported. Most current, popular business software (like Office, Adobe, Quickbooks) already comes in Mac and Windows versions which are basically feature identical. No, that's not the problem, it's the old software that's discontinued, no longer supported or upgraded, running on Windows 7 or XP that so many businesses still use. Until Microsoft makes clear what the road map for Windows ARM is, AND until Qualcomm can actually make an ARM chip that can compete with Apple Silicon, I would avoid investing any more $$ into Parallels. The licensing is an all together separate issue; for now you can get Windows ARM for free by signing up as an Insider. If Microsoft and Qualcomm get serious about ARM, you can bet eventually Windows ARM will no longer be free, so when you start adding up Total Cost of Ownership, using an old PC box and spare Windows license you have already lying around, looks very attractive. The fact that Parallels has even come this far supporting Windows ARM is impressive technical, no doubt, but the company had no choice; once Apple discontinues Intel versions of macOS (probably the os that comes after Monterey will be the last Intel release), Parallels would be out of business unless they came up with an answer to Apple Silicon. the question is whether the demand to run Windows and Linux ARM based, on Apple Silicon is strong enough to maintain the business once Intel Macs disappear? VMWare, the company, is in a different position, its business model isn't dependent on selling Fusion, in fact Fusion at best breaks even or makes a modest profit. Parallels is desperate and should be; if there is no sustainable business model for ARM based virtualization of Windows and Linux, the company is done once Apple macOS stops supporting Intel Macs.