We can't activate Windows on this device because you don't have a valid digital license or product key. In this particular case, the error text from the following screenshot is displayed: Microsoft has published the support article KB5001692: Windows Activation fails with error 0xc004c003 on devices which have installed the Windows 10 January 2021 nonsecurity preview release or a later version. This affects the following Windows 10 versions: Users who have installed update KB5001692 (3rd week of January 2021 preview update) may also run into activation error 0xc004c003. Activation error 0xc004c003 caused by update KB5001692
But there is a special case, caused by an update, as I've learned. In the case of activation error 0xc004c003, activation by phone is recommended. Windows 10 users may face multiple activation errors.