Bootloader runs, but when I try to install Fedora or Ubuntu ARM, I get a black screen with a static cursor

[LordZorgoth]

I'm trying to run QEMU on an M1 Mac. Following the instructions in the documentation precisely (except that I'm using more a recent Fedora and also tried Ubuntu), I get past the bootloader, but when I select the option to try and install Fedora/Ubuntu, I get a black screen like this with a static (i.e. non-blinking) cursor:

QEMU continues using 100% CPU, but whatever it is doing seems to be an infinite loop, because it never crashes or finishes.

[xcorelabs]

One year later and this is still an issue.