Windows XP displays black screen when smp option is used

When I use Windows XP with the -smp option, the screen goes black. The only thing I can see is a cursor. I have tried -smp 2, -smp cores=4, and -smp cores=2.

My info:

Host:
M1 Mac
Mac OS 11.1
QEMU 5.2 at cf7ca7d5b9faca13f1f8e3ea92cfb2f741eb0c0e.

Guest:
32-bit Windows XP SP3 build 2600.