Android Studio Virtual Device

I have a Dell Server with an E5-2697 v4 @ 2.30GHz running Proxmox 8.3.0. I have a Windows 11 VM where I installed Android Studio. When I try to start a virtual device, I get a message that says, "Your CPU does not support required features (VT-x or SVM)."

Is there a way to configure my server, Proxmox, VM, or Android Studio to be able to run a virtual device?