I know there are already questions about file structure in MVVM but I haven’t found the pros and cons for the following two structures. What would be better for a large-scale project, and why choose one over the other?
For example: In the first example both modules are dependent on projects from ‘Core’ and it would be harder to move around.

Notice: ‘Application’, ‘Core’, and ‘Models’ are folders, the level below them are projects and the level below ‘ModuleA’ and ‘ModuleB’ are folders.