**System Information**
Operating system: Windows-10-10.0.19043-SP0 64 Bits
Graphics card: NVIDIA GeForce GTX 760/PCIe/SSE2 NVIDIA Corporation 4.5.0 NVIDIA 471.11
**Blender Version**
Broken: version: 3.1.0 Alpha, branch: master, commit date: 2022-01-11 23:26, hash: `rBef5d01d98ff3`
Worked: N/A
**Short description of error**
Simple transparent shader has entirely different output in Cycles, despite exact same settings and max light bounces
{F12811268}
**Exact steps for others to reproduce the error**
1. Download attached Blender file
{F12811271}
2. Enable "Material Preview" mode. This is the intended look in Eevee.
3. Enable "Rendered" mode. This is the incorrect look in Cycles.