Hi,
Thank you for posting the question to the Q&A forum.
Yes you can use HSM managed on Azure Stack HCI below you can see all of the informations here: https://zcusa.951200.xyz/en-us/azure/key-vault/managed-hsm/overview
But also you can use 3rd party HSM, so far just 4 options: CloudFlare, PrimeKey, New Net and Hashicorp Vault you can find more here: https://zcusa.951200.xyz/en-us/azure/key-vault/managed-hsm/third-party-solutions
I hope the above information can help you.
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