diff --git a/CHANGELOG.md b/CHANGELOG.md
index a16aa1c7a..d2ea12b44 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,12 +8,20 @@ and this repository adheres to [Semantic Versioning](https://semver.org/spec/v2.
 
 ## Unreleased
 
+## v1.32.1 - 2024-05-22
+
+### General
+
+- OpenTelemetry Java SDK has been updated to version 1.38.0.
+- OpenTelemetry Instrumentation for Java has been updated to version 1.33.3.
+- Micrometer dependency has been updated to version 1.13.0.
+
 ## v1.32.0 - 2024-04-23
 
 ### General
 
 - OpenTelemetry Java SDK has been updated to version 1.37.0.
-- OpenTelemetry Instrumentation for Java has been updated to version 1.33.1.
+- OpenTelemetry Instrumentation for Java has been updated to version 1.33.2.
 - Micrometer dependency has been updated to version 1.12.5.
 
 ### ⚠️⚠️ Breaking changes ⚠️⚠️
diff --git a/README.md b/README.md
index e18068b74..ff9c503a6 100644
--- a/README.md
+++ b/README.md
@@ -12,8 +12,8 @@
 
 <p align="center">
   <img alt="Stable" src="https://img.shields.io/badge/status-stable-informational?style=for-the-badge">
-  <a href="https://github.com/open-telemetry/opentelemetry-java-instrumentation/releases/tag/v1.33.2">
-    <img alt="OpenTelemetry Instrumentation for Java Version" src="https://img.shields.io/badge/otel-1.33.2-blueviolet?style=for-the-badge">
+  <a href="https://github.com/open-telemetry/opentelemetry-java-instrumentation/releases/tag/v1.33.3">
+    <img alt="OpenTelemetry Instrumentation for Java Version" src="https://img.shields.io/badge/otel-1.33.3-blueviolet?style=for-the-badge">
   </a>
   <a href="https://github.com/signalfx/gdi-specification/releases/tag/v1.6.0">
     <img alt="Splunk GDI specification" src="https://img.shields.io/badge/GDI-1.6.0-blueviolet?style=for-the-badge">
@@ -104,11 +104,11 @@ To extend the instrumentation with the OpenTelemetry Instrumentation for Java,
 you have to use a compatible API version.
 
 <!-- IMPORTANT: do not change comments or break those lines below -->
-The Splunk Distribution of OpenTelemetry Java version <!--SPLUNK_VERSION-->1.32.0<!--SPLUNK_VERSION--> is compatible
+The Splunk Distribution of OpenTelemetry Java version <!--SPLUNK_VERSION-->1.32.1<!--SPLUNK_VERSION--> is compatible
 with:
 
-* OpenTelemetry API version <!--OTEL_VERSION-->1.37.0<!--OTEL_VERSION-->
-* OpenTelemetry Instrumentation for Java version <!--OTEL_INSTRUMENTATION_VERSION-->1.33.2<!--OTEL_INSTRUMENTATION_VERSION-->
+* OpenTelemetry API version <!--OTEL_VERSION-->1.38.0<!--OTEL_VERSION-->
+* OpenTelemetry Instrumentation for Java version <!--OTEL_INSTRUMENTATION_VERSION-->1.33.3<!--OTEL_INSTRUMENTATION_VERSION-->
 * Micrometer version 1.12.2
 
 ## Snapshot builds
diff --git a/buildSrc/build.gradle.kts b/buildSrc/build.gradle.kts
index f7325bfb0..14f41c9d3 100644
--- a/buildSrc/build.gradle.kts
+++ b/buildSrc/build.gradle.kts
@@ -41,7 +41,7 @@ dependencies {
   implementation(gradleApi())
 
   implementation("com.diffplug.spotless:spotless-plugin-gradle:6.25.0")
-  implementation("io.opentelemetry.instrumentation:gradle-plugins:1.33.2-alpha")
+  implementation("io.opentelemetry.instrumentation:gradle-plugins:1.33.3-alpha")
 
   // keep these versions in sync with settings.gradle.kts
   implementation("gradle.plugin.com.github.johnrengelman:shadow:8.0.0")
diff --git a/dependencyManagement/build.gradle.kts b/dependencyManagement/build.gradle.kts
index 624176f5e..3531e1f45 100644
--- a/dependencyManagement/build.gradle.kts
+++ b/dependencyManagement/build.gradle.kts
@@ -2,13 +2,13 @@ plugins {
   `java-platform`
 }
 
-val otelVersion = "1.37.0"
+val otelVersion = "1.38.0"
 val otelAlphaVersion = otelVersion.replaceFirst("(-SNAPSHOT)?$".toRegex(), "-alpha$1")
-val otelInstrumentationVersion = "1.33.2"
+val otelInstrumentationVersion = "1.33.3"
 val otelInstrumentationAlphaVersion =  otelInstrumentationVersion.replaceFirst("(-SNAPSHOT)?$".toRegex(), "-alpha$1")
 val otelContribAlphaVersion = "1.34.0-alpha"
 
-val autoValueVersion = "1.10.4";
+val autoValueVersion = "1.10.4"
 val dockerJavaVersion = "3.3.6"
 val micrometerOldVersion = "1.3.20"
 val micrometerVersion = "1.13.0"
@@ -43,7 +43,7 @@ dependencies {
     api("com.google.auto.service:auto-service:1.1.1")
     api("org.assertj:assertj-core:3.25.3")
     api("org.awaitility:awaitility:4.2.1")
-    api("com.signalfx.public:signalfx-metrics:1.0.41")
+    api("com.signalfx.public:signalfx-metrics:1.0.42")
     api("commons-codec:commons-codec:1.17.0")
 
     api("com.github.docker-java:docker-java-core:$dockerJavaVersion")
diff --git a/deployments/cloudfoundry/buildpack/README.md b/deployments/cloudfoundry/buildpack/README.md
index ee85d06cf..5534f7703 100644
--- a/deployments/cloudfoundry/buildpack/README.md
+++ b/deployments/cloudfoundry/buildpack/README.md
@@ -40,7 +40,7 @@ If you want to use a specific version of the Java agent in your application, you
 environment variable before application deployment, either using `cf set-env` or the `manifest.yml` file:
 
 ```sh
-$ cf set-env SPLUNK_OTEL_JAVA_VERSION 1.32.0
+$ cf set-env SPLUNK_OTEL_JAVA_VERSION 1.32.1
 ```
 
 By default, the [latest](https://github.com/signalfx/splunk-otel-java/releases/latest) available agent version is used.
diff --git a/licenses/licenses.md b/licenses/licenses.md
index f8b764867..10c38895e 100644
--- a/licenses/licenses.md
+++ b/licenses/licenses.md
@@ -1,7 +1,7 @@
 
 # splunk-otel-javaagent
 ## Dependency License Report
-_2024-05-14 15:20:25 EEST_
+_2024-05-22 12:18:02 EEST_
 ## Apache License, Version 2.0
 
 **1** **Group:** `com.fasterxml.jackson.core` **Name:** `jackson-core` **Version:** `2.17.1` 
@@ -18,23 +18,23 @@ _2024-05-14 15:20:25 EEST_
 > - **Embedded license files**: [jackson-jr-objects-2.17.1.jar/META-INF/LICENSE](jackson-jr-objects-2.17.1.jar/META-INF/LICENSE) 
     - [jackson-jr-objects-2.17.1.jar/META-INF/NOTICE](jackson-jr-objects-2.17.1.jar/META-INF/NOTICE)
 
-**3** **Group:** `com.signalfx.public` **Name:** `signalfx-commons-protoc-java` **Version:** `1.0.41` 
+**3** **Group:** `com.signalfx.public` **Name:** `signalfx-commons-protoc-java` **Version:** `1.0.42` 
 > - **POM Project URL**: [http://www.signalfx.com](http://www.signalfx.com)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**4** **Group:** `com.signalfx.public` **Name:** `signalfx-connection` **Version:** `1.0.41` 
+**4** **Group:** `com.signalfx.public` **Name:** `signalfx-connection` **Version:** `1.0.42` 
 > - **POM Project URL**: [https://www.splunk.com](https://www.splunk.com)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**5** **Group:** `com.signalfx.public` **Name:** `signalfx-endpoint` **Version:** `1.0.41` 
+**5** **Group:** `com.signalfx.public` **Name:** `signalfx-endpoint` **Version:** `1.0.42` 
 > - **POM Project URL**: [http://www.splunk.com](http://www.splunk.com)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**6** **Group:** `com.signalfx.public` **Name:** `signalfx-metrics` **Version:** `1.0.41` 
+**6** **Group:** `com.signalfx.public` **Name:** `signalfx-metrics` **Version:** `1.0.42` 
 > - **POM Project URL**: [http://www.signalfx.com](http://www.signalfx.com)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**7** **Group:** `com.signalfx.public` **Name:** `signalfx-protoc` **Version:** `1.0.41` 
+**7** **Group:** `com.signalfx.public` **Name:** `signalfx-protoc` **Version:** `1.0.42` 
 > - **POM Project URL**: [http://www.signalfx.com](http://www.signalfx.com)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
@@ -82,55 +82,55 @@ _2024-05-14 15:20:25 EEST_
 > - **Embedded license files**: [micrometer-registry-signalfx-1.13.0.jar/META-INF/LICENSE](micrometer-registry-signalfx-1.13.0.jar/META-INF/LICENSE) 
     - [micrometer-registry-signalfx-1.13.0.jar/META-INF/NOTICE](micrometer-registry-signalfx-1.13.0.jar/META-INF/NOTICE)
 
-**16** **Group:** `io.opentelemetry` **Name:** `opentelemetry-api` **Version:** `1.37.0` 
+**16** **Group:** `io.opentelemetry` **Name:** `opentelemetry-api` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**17** **Group:** `io.opentelemetry` **Name:** `opentelemetry-api-incubator` **Version:** `1.37.0-alpha` 
+**17** **Group:** `io.opentelemetry` **Name:** `opentelemetry-api-incubator` **Version:** `1.38.0-alpha` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**18** **Group:** `io.opentelemetry` **Name:** `opentelemetry-context` **Version:** `1.37.0` 
+**18** **Group:** `io.opentelemetry` **Name:** `opentelemetry-context` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**19** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-common` **Version:** `1.37.0` 
+**19** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-common` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**20** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-otlp` **Version:** `1.37.0` 
+**20** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-otlp` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**21** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-otlp-common` **Version:** `1.37.0` 
+**21** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-otlp-common` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**22** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-sender-okhttp` **Version:** `1.37.0` 
+**22** **Group:** `io.opentelemetry` **Name:** `opentelemetry-exporter-sender-okhttp` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**23** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk` **Version:** `1.37.0` 
+**23** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**24** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-common` **Version:** `1.37.0` 
+**24** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-common` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**25** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-extension-autoconfigure-spi` **Version:** `1.37.0` 
+**25** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-extension-autoconfigure-spi` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**26** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-logs` **Version:** `1.37.0` 
+**26** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-logs` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**27** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-metrics` **Version:** `1.37.0` 
+**27** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-metrics` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**28** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-trace` **Version:** `1.37.0` 
+**28** **Group:** `io.opentelemetry` **Name:** `opentelemetry-sdk-trace` **Version:** `1.38.0` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java](https://github.com/open-telemetry/opentelemetry-java)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
@@ -142,7 +142,7 @@ _2024-05-14 15:20:25 EEST_
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java-contrib](https://github.com/open-telemetry/opentelemetry-java-contrib)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
-**31** **Group:** `io.opentelemetry.instrumentation` **Name:** `opentelemetry-instrumentation-bom-alpha` **Version:** `1.33.2-alpha` 
+**31** **Group:** `io.opentelemetry.instrumentation` **Name:** `opentelemetry-instrumentation-bom-alpha` **Version:** `1.33.3-alpha` 
 > - **POM Project URL**: [https://github.com/open-telemetry/opentelemetry-java-instrumentation](https://github.com/open-telemetry/opentelemetry-java-instrumentation)
 > - **POM License**: Apache License, Version 2.0 - [https://www.apache.org/licenses/LICENSE-2.0](https://www.apache.org/licenses/LICENSE-2.0)
 
diff --git a/version.gradle.kts b/version.gradle.kts
index 9639c45f0..a27de7883 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
 // do NOT update that variable manually - it is managed by the pre/post release scripts
-val distroVersion = "1.32.0"
+val distroVersion = "1.32.1"
 
 allprojects {
   version = distroVersion