“When I set this board up with a CM4 module (4GB + 8GB eMMC ) and NVMe drive it did absolutely nothing - no lights, diddly squat. I suspected a possible issue with the CM4 module. I replaced this with another one (4GB Lite) with the same result.
By pure chance I happened to pull the HDMi cable from the carrier board and powered up - result = success!
After some experimentation I was able to fire up the board and boot from NVMe with both CM4 modules so long as you don't power up with the HDMI cable connected to the board. You could plug in the HDMI after and get a working PC. I even used several different HDMI cables and three different makes of monitor - same results.
Good board for a headless system but a complete faff otherwise. Waveshare wiki no real help. I will be very sceptical of waveshare products in future.”