CARRIER_PWR_EN pin description as per specification is “Carrier board circuits should not be powered up until the module asserts the CARRIER_PWR_EN signal”.
Module when powered up completely which is all the module powers are stable as per sequence, CARRIER_PWR_EN signal is asserted. Usually CARRIER_PWR_EN signal from the module is connected to 1st regulator on the carrier card. By doing this the possibility of back drive signals from carrier card to module is eliminated.
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Please find the detailed product information here:
i.MX 91 Pico ITX Single Board Computer