Try it “without” the jumper on J2. I believe you only set that jumper if your CM4 doesn’t have eMMC, or you haven’t flashed it yet / not using it.
Flashing the Compute Module eMMC - Raspberry Pi Documentation
- Make sure that
nRPI_BOOT
which is J2 (disable eMMC Boot
) on the IO board is set to the ‘EN’ position.