Hello Olivia,
The watermark showing up after a Windows update usually means the activation service temporarily failed to validate your license, not that your key is gone. OEM and retail keys are stored in the system, but sometimes after major updates or reinstallation, Windows may briefly report “no product key found” until activation re-syncs. Since you haven’t changed hardware, it’s unlikely to be a hardware-ID issue. The best step is to re‑enter your product key in Settings > Update & Security > Activation and then run slmgr /ato from an elevated command prompt to force activation. If the key is valid, activation will succeed and the watermark will disappear permanently. If the problem persists, check that you’re on the same edition (Home vs Pro vs Enterprise) as the license you purchased, because mismatched editions will reject the key. In short, the update likely triggered a temporary activation glitch, and re‑entering the key or forcing activation will resolve it.
Harry.