Hello and sorry you're having problems. Sometimes the processor in the Bose can simply lockup causing this issue, however it can also be due to the laser lens needing cleaning- or having failed altogether.
Please first- disconnect the system from power for 5 minutes, then plug it back in and see if the issue is the same.
If so, then you would need to attempt to clean the laser lens as your next course of action. The laser lens reads the discs, and this occurs when it is either contaminated (dirty/dusty), or has failed (which requires hardware replacement to the unit).
The first is to purchase a CD/DVD laser lens cleaner disc, and run it through the system several times.
If your player is not reading any discs at all though, then try purchasing a can of compressed air (available at PC or AV retailers). Open the CD cover, then spray the can approximately 10" from the lens to blow any dust off of it.
If the CD player is still not reading discs, then the lens or transport mechanism is faulty and would need to be serviced by Bose- as they are the only ones who can access parts and service these systems.
Depending on the age of the system, Bose will opt to either repair it at a fair price, or in units over the 10 year mark, they may offer a discount on a brand new Wave in exchange for your old one.
In this case you would need to contact Bose and attempt to setup a repair ticket of the system.
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