Trendfocus analyst John Chen claims that Microsoft initially tried to make the change in 2022, but that resistance from manufacturers meant "it has been pushed out to sometime next year." Microsoft and the PC manufacturers are still negotiating the timeline and possible exceptions, "but things are still in flux."
A cursory check of Dell's and HP's websites plus new desktop listings on Newegg suggests that an SSD requirement would primarily hit two market segments for US PC buyers. One is the very bottom-end of the consumer desktop market, where a handful of Inspiron and Pavilion systems still ship without SSDs. The other is the business desktop market, where Optiplex, Vostro, and ProDesk systems include HDDs in base models. As Chen notes, the requirement could also hit harder in more price-sensitive "developing markets" outside the US.
Alternate source Tom's Hardware