When two Object have Transparent material, overlapping position will display black in Cycles.
Eevee is fine.
System Information
Operating system: Windows-10-10.0.19041-SP0 64 Bits
Graphics card: NVIDIA GeForce GTX 980 Ti/PCIe/SSE2 NVIDIA Corporation 4.5.0 NVIDIA 511.65
Blender Version
Broken: version: 3.2.0 Alpha, branch: master, commit date: 2022-04-20 11:42, hash: rB0385e2f1f90f
Worked: (newest version of Blender that worked as expected)