DIAGNOSIS It's stuck in a boot loop, usually because it can't complete the software download or verify its connection after the reset.
FIX Unplug it. Wait a full minute. Plug it back in and let it boot. If it goes back to the orange circle, you need to interrupt the update. As soon as you see the orange circle, hold down the microphone off and volume down buttons to force another restart. It may take a couple of tries to get past the update check.
IF THAT DIDN'T WORK The problem is likely your network. Try setting it up in a different location, closer to your router, or using your phone's mobile hotspot as the Wi-Fi during setup. Once it's fully updated and registered, you can switch it back to your home network.
HEADS UP A factory reset doesn't roll back the software. It's still trying to run the latest version, which is why a network issue can hang it. Be patient, these setup loops can take 15-20 minutes to resolve sometimes.