So this is a modified post once I realized what the problem was. Initially I thought it was a Blender issue but then I noticed that using a Blender version with Filmic instead the problem wasn’t present. So I am wondering if anyone knows how to solve this issue if you want to use AGX transform instead of filmic.
Nodes:
Hi,
Try to download the latest release (3.5.1) and check if the problem appears there
3.5.1 using straight alpha works fine but channel packed has the same issue. The problem is that using that version yesterday was freezing a lot for me. Not sure why. It seems to be a random freeze every 10-20 minutes or so. Not happening in 3.3 as that was the version I’ve been using and I wanted to update but for now it seems I can’t for one reason or another. Did you experience any freezes or crashes in 3.5.1?
Frankly, the fastest version for me are still 2.93 since my hardware is a bit outdated (i5 6500 along with GTX1060 6GB & 16GB 2400 Mhz of RAM), but yeah, sometimes I do get some unexpected crashes.
Actually who know maybe I am getting more frequent freezes because I am using a 7950x3D and maybe it’s too new as opposed as your problem where you need to be on 2.93 but yeah 3.3 for me works fine I get some random crashes because I don’t think Blender will ever be rock solid. It has never been crash free for me ever.
7950x are rocks
Anyway, you can always check your crash log file when Blender running out of business, this should contain the main reason of your crash.
P.S. I’ve just found this one thread about alpha issues. It is kinda outdated, but maybe it will put you on a right way:
This is a common problem.
Try setting it to Cubic, and if there’s continuous noise.
You can give the color using the black and white mask image.
Ok but the problem comes from Blender newer versions as 3.3 works perfectly fine and the technique I am using is how it meant to be. You can check the nodes. Hey thanks for reminding me about the crash log. I always forget I can check that out.
The problem persist if you use channel packed. It seems a problem related to Blender reading packed alpha channel from files. Using a PNG the problem is even worse. For now in 3.5.1 using straight works file but as I mentioned channel packed was working fine in 3.3. Oh and I have to plug in the label color. I sometimes use the alpha only if I want to control both colors inside Blender but most of the time my labels contain several colors. Will have to see why that versions crashes for me.
Sometimes I have problems using alpha channels, but not always.
So it’s hard to solve the same situation.
If you release the file, we will be able to review it together.
※ Node change: Mix RGB on blender 3.3X changed node from Blender 4.X to Mix Color.
Blender 3.4 versions and later have the same functionality but are new nodes.
Cool that video show what I already knew thanks for posting anyway. It is not that complicated. Any PND or PSD files using transparency and using it as I showed on my original post at the top causes that issue. In 3.4 both straight and channel packed have the same problem. In 3.5.1 only channel packed has that issue. This mean they solved the straight method but channel packed remains bugged. In 3.3 both work just fine.
Sorry I can’t share my files as they are from work but as I mentioned it is so easy to test this out with a simple label. The nodes used are as simple as it gets.
I tested it on Blender 3.5 / Blender 3.6 several times, but I can’t make the same phenomenon. sorry… 
I have created a file just for you so you can see what I mean. You have to simply hit render in viewport and once you see the issue, switch from channel packed to straight. It will solve that problem but channel packed should not have that aliasing issue. I used 3.5.1 to create that file.
AlphaTest.zip (118.8 KB)
This is the result in 3.5.1 “Channel Packed” only and the same issue occurs with both Channel Packed and Straight in 3.4.1
The problem is that the text(vector form) used in Photoshop was saved and used instead of converted into an image.
Use PNG or Tiff (high definition) files if possible.
If you use PSD, there may be some problems.
※ I am attaching the Blender file. Check it out
Test.blend (751.7 KB)
PNG has that issue when using channel packed too. Anyway I have to rely on PSD as I need to show and hide layers a lot so PNG isn’t efficient for me. I guess I will stay on 3.3 for now as 3.5.1 seems to crash a lot for me. Thanks a lot for checking this out.
By the way, the PSD packed file isn’t visible for some reason. Could that be another bug? Checked on 3.5.1 and 3.3 neither of them has that PSD. I mean it seems to be packed but it won’t load anything. Check this out.
Update: I just checked my file on 3.6.0 Alpha and both alpha methods work perfectly as before on 3.3
Typically, you create and archive psd, and use a copy of PNG or Tiff saved as Save As.
※ Tiff files can contain a lot of information and layers are supported.
I don’t know exactly how to use it, but…
For example, if you use a large number of logos, you can create one image and use UV to manage it
The file you provided looks normal on the psd. (Blender 3.3, 3.5, 3.6)
※ I checked using various files (psd) and found that there was no problem
The psd file contains all the information you used in Photoshop and you won’t know which one will cause the problem.
I have used TIFF in the past but they are way larger files and I really never had issues working with PSD up until now. I mean for so many years working with them in Blender and it keeps the drive space in check. I am honestly not looking to change my workflow right now and the problem seems to be fixed in 3.6.0. Let’s see if they can maintain that. Thanks for your time mate.
After all it’s not a Blender issue but a problem caused by AGX color transform. I never thought this would have anything to do with it but there are some kind of issue regarding alpha and this AGX config file. If I test using Filmic everything looks fine. So now I wonder if that issue could be solved by tweaking something in the config file. Oh man I hate that I can’t use that for now. Will keep on looking for a solution. 
So using AGX config file had that issue but using the files provided by this gentleman everything seems to be working fine. Just in case someone ends up having this issue I found.
Do you know whether this is a known issue?
