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This is not expected at all. You can run with

pulumi up --logtostderr -v=9 --debug 2> out.txt

to get tons of diagnostic output which might help pinpoint what operation is blocking. If you continue to see this and don't get any clear signal from those logs - I would love to follow up to investigate more directly.

Got a repro log. A preview took 2 minutes. The biggest gap is around line 8365:

I0624 17:44:34.617570   12660 eventsink.go:63] eventSink::Debug(<{%reset%}>All required Resource Providers are registered<{%reset%}>)
I0624 17:45:45.863536   12660 eventsink.go:60] Running program 'C:\work\pulumi\azure-play' in pwd 'C:\work\pulumi\azure-play' w/ args:

Huh - very strange. I have not seen anything like this before. Do you see this consistently for this stack? Or is it just every now and then?

Not consistently and not only for this stack I think.

Very odd. I opened https://github.com/pulumi/pulumi/issues/2874. Could you add any additional relevant details like

node --version

?