Most likely, this problem is caused by the downloaded firmware update itself: there are two versions of the update software floating around, one for a new HDD and one being just the update itself. You need the 800 MB update for 1.50, and a FAT32 USB drive. You can download the update for a new HDD here.
After getting it, here are the steps that you must follow in order to install your new HDD:
1. Put the downloaded file on your flash drive in this structure:
D:\PS4\UPDATE\PS4UPDATE.PUP (where D: is your flash drive’s drive letter)
2. Turn off your PS4. Make sure that the power indicator is not lit. If the power indicator is lit up in orange, touch the power button on the console for at least 7 seconds (until the system beeps a second time).
3. Change the HDD, connect the USB to the PS4 and turn it on (keep the power button pressed for 7 buttons). The console will boot up in Safe Mode.
4. Select Initialize and update software (last option on the Safe Mode screen) and follow the instructions to complete the update. And that’s it!
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