diff --git a/Cargo.lock b/Cargo.lock
index 779b0ae85c1b7..17632e78fffa1 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -321,7 +321,7 @@ dependencies = [
 [[package]]
 name = "auto-hash-map"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "serde",
  "smallvec",
@@ -3498,7 +3498,7 @@ dependencies = [
 [[package]]
 name = "node-file-trace"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "serde",
@@ -7538,7 +7538,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7570,7 +7570,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-build"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "cargo-lock",
@@ -7582,7 +7582,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-bytes"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "bytes",
@@ -7597,7 +7597,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-env"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "dotenvs",
@@ -7611,7 +7611,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-fetch"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -7628,7 +7628,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-fs"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7659,7 +7659,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-hash"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "base16",
  "hex",
@@ -7671,7 +7671,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-macros"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "convert_case 0.6.0",
@@ -7685,7 +7685,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-macros-shared"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -7695,7 +7695,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-malloc"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "mimalloc",
 ]
@@ -7703,7 +7703,7 @@ dependencies = [
 [[package]]
 name = "turbo-tasks-memory"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "auto-hash-map",
@@ -7728,7 +7728,7 @@ dependencies = [
 [[package]]
 name = "turbopack"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-recursion",
@@ -7760,7 +7760,7 @@ dependencies = [
 [[package]]
 name = "turbopack-binding"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "auto-hash-map",
  "mdxjs",
@@ -7801,7 +7801,7 @@ dependencies = [
 [[package]]
 name = "turbopack-build"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -7825,7 +7825,7 @@ dependencies = [
 [[package]]
 name = "turbopack-cli-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "clap 4.4.2",
@@ -7843,7 +7843,7 @@ dependencies = [
 [[package]]
 name = "turbopack-core"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-recursion",
@@ -7873,7 +7873,7 @@ dependencies = [
 [[package]]
 name = "turbopack-css"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7900,7 +7900,7 @@ dependencies = [
 [[package]]
 name = "turbopack-dev"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -7924,7 +7924,7 @@ dependencies = [
 [[package]]
 name = "turbopack-dev-server"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-compression",
@@ -7961,7 +7961,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -7996,7 +7996,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-hmr-protocol"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "serde",
  "serde_json",
@@ -8007,7 +8007,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-plugins"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-trait",
@@ -8030,7 +8030,7 @@ dependencies = [
 [[package]]
 name = "turbopack-ecmascript-runtime"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "indoc",
@@ -8047,7 +8047,7 @@ dependencies = [
 [[package]]
 name = "turbopack-env"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
@@ -8063,7 +8063,7 @@ dependencies = [
 [[package]]
 name = "turbopack-image"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "base64 0.21.4",
@@ -8083,7 +8083,7 @@ dependencies = [
 [[package]]
 name = "turbopack-json"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "serde",
@@ -8098,7 +8098,7 @@ dependencies = [
 [[package]]
 name = "turbopack-mdx"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "mdxjs",
@@ -8113,7 +8113,7 @@ dependencies = [
 [[package]]
 name = "turbopack-node"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "async-stream",
@@ -8148,7 +8148,7 @@ dependencies = [
 [[package]]
 name = "turbopack-static"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "serde",
@@ -8164,7 +8164,7 @@ dependencies = [
 [[package]]
 name = "turbopack-swc-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "swc_core",
  "turbo-tasks",
@@ -8175,7 +8175,7 @@ dependencies = [
 [[package]]
 name = "turbopack-trace-utils"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "crossbeam-channel",
@@ -8191,7 +8191,7 @@ dependencies = [
 [[package]]
 name = "turbopack-wasm"
 version = "0.1.0"
-source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240117.3#438bdd0b198163a37ff6050cf8ae2c7ca8b07753"
+source = "git+https://github.com/vercel/turbo.git?tag=turbopack-240122.1#50ebf6858e28cd8d1447292e08f4c84bc21f0225"
 dependencies = [
  "anyhow",
  "indexmap 1.9.3",
diff --git a/Cargo.toml b/Cargo.toml
index eb511e273c6be..daa7eed03fb7a 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -37,11 +37,11 @@ swc_core = { version = "0.87.16", features = [
 testing = { version = "0.35.14" }
 
 # Turbo crates
-turbopack-binding = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-240117.3" }
+turbopack-binding = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-240122.1" }
 # [TODO]: need to refactor embed_directory! macro usages, as well as resolving turbo_tasks::function, macros..
-turbo-tasks = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-240117.3" }
+turbo-tasks = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-240122.1" }
 # [TODO]: need to refactor embed_directory! macro usage in next-core
-turbo-tasks-fs = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-240117.3" }
+turbo-tasks-fs = { git = "https://github.com/vercel/turbo.git", tag = "turbopack-240122.1" }
 
 # General Deps
 
diff --git a/packages/next/package.json b/packages/next/package.json
index c2c0c994d16a2..136e82fdd232e 100644
--- a/packages/next/package.json
+++ b/packages/next/package.json
@@ -194,7 +194,7 @@
     "@types/ws": "8.2.0",
     "@vercel/ncc": "0.34.0",
     "@vercel/nft": "0.26.2",
-    "@vercel/turbopack-ecmascript-runtime": "https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240117.3",
+    "@vercel/turbopack-ecmascript-runtime": "https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240122.1",
     "acorn": "8.5.0",
     "amphtml-validator": "1.0.35",
     "anser": "1.4.9",
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index a981527e1ae91..ee12139293e79 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -1077,8 +1077,8 @@ importers:
         specifier: 0.26.2
         version: 0.26.2
       '@vercel/turbopack-ecmascript-runtime':
-        specifier: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240117.3
-        version: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240117.3(react-refresh@0.12.0)(webpack@5.86.0)'
+        specifier: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240122.1
+        version: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240122.1(react-refresh@0.12.0)(webpack@5.86.0)'
       acorn:
         specifier: 8.5.0
         version: 8.5.0
@@ -2304,6 +2304,7 @@ packages:
   /@babel/plugin-proposal-private-property-in-object@7.16.7(@babel/core@7.22.5):
     resolution: {integrity: sha512-rMQkjcOFbm+ufe3bTZLyOfsOUOxyvLXZJCTARhJr+8UMSoZmqTe1K1BgkFcrW37rAchWg57yI69ORxiWvUINuQ==}
     engines: {node: '>=6.9.0'}
+    deprecated: This proposal has been merged to the ECMAScript standard and thus this plugin is no longer maintained. Please use @babel/plugin-transform-private-property-in-object instead.
     peerDependencies:
       '@babel/core': 7.22.5
     dependencies:
@@ -25625,9 +25626,9 @@ packages:
   /zwitch@2.0.4:
     resolution: {integrity: sha512-bXE4cR/kVZhKZX/RjPEflHaKVhUVl85noU3v6b8apfQEc1x4A+zBxjZ4lN8LqGd6WZ3dl98pY4o717VFmoPp+A==}
 
-  '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240117.3(react-refresh@0.12.0)(webpack@5.86.0)':
-    resolution: {tarball: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240117.3}
-    id: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240117.3'
+  '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240122.1(react-refresh@0.12.0)(webpack@5.86.0)':
+    resolution: {tarball: https://gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240122.1}
+    id: '@gitpkg-fork.vercel.sh/vercel/turbo/crates/turbopack-ecmascript-runtime/js?turbopack-240122.1'
     name: '@vercel/turbopack-ecmascript-runtime'
     version: 0.0.0
     dependencies: