diff --git a/Cargo.lock b/Cargo.lock
index dc3d3e35..a8935a23 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -5430,11 +5430,10 @@ checksum = "b6bc1c9ce2b5135ac7f93c72918fc37feb872bdc6a5533a8b85eb4b86bfdae52"
 
 [[package]]
 name = "tracing"
-version = "0.1.37"
+version = "0.1.40"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8ce8c33a8d48bd45d624a6e523445fd21ec13d3653cd51f681abf67418f54eb8"
+checksum = "c3523ab5a71916ccf420eebdf5521fcef02141234bbc0b8a49f2fdc4544364ef"
 dependencies = [
- "cfg-if 1.0.0",
  "log",
  "pin-project-lite",
  "tracing-attributes",
@@ -5443,9 +5442,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.26"
+version = "0.1.27"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5f4f31f56159e98206da9efd823404b79b6ef3143b4a7ab76e67b1751b25a4ab"
+checksum = "34704c8d6ebcbc939824180af020566b01a7c01f80641264eba0999f6c2b6be7"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -5454,9 +5453,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-core"
-version = "0.1.31"
+version = "0.1.32"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0955b8137a1df6f1a2e9a37d8a6656291ff0297c1a97c24e0d8425fe2312f79a"
+checksum = "c06d3da6113f116aaee68e4d601191614c9053067f9ab7f6edbcb161237daa54"
 dependencies = [
  "once_cell",
  "valuable",
diff --git a/air-interpreter/Cargo.toml b/air-interpreter/Cargo.toml
index 099fe868..fec3061f 100644
--- a/air-interpreter/Cargo.toml
+++ b/air-interpreter/Cargo.toml
@@ -29,7 +29,7 @@ wasm-bindgen = "=0.2.83"
 log = "0.4.20"
 serde = { version = "1.0.190", features = [ "derive", "rc" ] }
 serde_json = "1.0.95"
-tracing = "0.1.37"
+tracing = "0.1.40"
 # exclude tracing-log feature that interferes with the log crate:
 tracing-subscriber = { version = "0.3.17", default-features = false, features = [ "env-filter", "json", "smallvec", "time", "fmt" ] }
 
diff --git a/air/Cargo.toml b/air/Cargo.toml
index af913c06..11912c8c 100644
--- a/air/Cargo.toml
+++ b/air/Cargo.toml
@@ -43,7 +43,7 @@ thiserror = "1.0.50"
 semver = "1.0.17"
 strum = "0.24"
 strum_macros = "0.24"
-tracing = "0.1.37"
+tracing = "0.1.40"
 
 [dev_dependencies]
 air-test-utils = { path = "../crates/air-lib/test-utils" }
diff --git a/avm/interface/Cargo.toml b/avm/interface/Cargo.toml
index 4250e4da..76370016 100644
--- a/avm/interface/Cargo.toml
+++ b/avm/interface/Cargo.toml
@@ -24,4 +24,4 @@ maplit = "1.0.2"
 serde_json = "1.0.95"
 serde = "1.0.190"
 log = "0.4.20"
-tracing = "0.1.37"
+tracing = "0.1.40"
diff --git a/avm/server/Cargo.toml b/avm/server/Cargo.toml
index 15a11b5e..2693d055 100644
--- a/avm/server/Cargo.toml
+++ b/avm/server/Cargo.toml
@@ -29,5 +29,5 @@ serde_json = "1.0.95"
 serde = "1.0.190"
 log = "0.4.20"
 parking_lot = "0.12.1"
-tracing = "0.1.37"
+tracing = "0.1.40"
 fluence-keypair = { version = "0.10.3", default-features = false }
diff --git a/crates/air-lib/air-parser/Cargo.toml b/crates/air-lib/air-parser/Cargo.toml
index b6b363a3..cb5f3a65 100644
--- a/crates/air-lib/air-parser/Cargo.toml
+++ b/crates/air-lib/air-parser/Cargo.toml
@@ -33,7 +33,7 @@ serde_json = "1.0.95"
 
 itertools = "0.10.5"
 thiserror = "1.0.50"
-tracing = "0.1.37"
+tracing = "0.1.40"
 
 [dev-dependencies]
 criterion = "0.4.0"
diff --git a/crates/air-lib/interpreter-data/Cargo.toml b/crates/air-lib/interpreter-data/Cargo.toml
index dee85c2c..5c0d02a6 100644
--- a/crates/air-lib/interpreter-data/Cargo.toml
+++ b/crates/air-lib/interpreter-data/Cargo.toml
@@ -26,7 +26,7 @@ serde = {version = "1.0.190", features = ["derive", "rc"]}
 serde_json = "1.0.95"
 semver = { version = "1.0.17", features = ["serde"] }
 once_cell = "1.17.1"
-tracing = "0.1.37"
+tracing = "0.1.40"
 newtype_derive = "0.1.6"
 num-traits = "0.2.17"
 thiserror = "1.0.50"
diff --git a/crates/air-lib/trace-handler/Cargo.toml b/crates/air-lib/trace-handler/Cargo.toml
index 53df153a..93351d75 100644
--- a/crates/air-lib/trace-handler/Cargo.toml
+++ b/crates/air-lib/trace-handler/Cargo.toml
@@ -23,5 +23,5 @@ bimap = "0.6.3"
 serde_json = "1.0.95"
 log = "0.4.20"
 thiserror = "1.0.50"
-tracing = "0.1.37"
+tracing = "0.1.40"
 num-traits = "0.2.17"
diff --git a/tools/cli/air/Cargo.toml b/tools/cli/air/Cargo.toml
index c8dbee0a..53ee7a04 100644
--- a/tools/cli/air/Cargo.toml
+++ b/tools/cli/air/Cargo.toml
@@ -22,7 +22,7 @@ clap = { version = "4.4.7", features = ["derive", "env"] }
 itertools = "0.10.5"
 serde = { version = "1.0.190", features = ["derive"] }
 serde_json = "1.0.95"
-tracing = "0.1.37"
+tracing = "0.1.40"
 tracing-subscriber = { version = "0.3.17", default-features = false, features = [ "env-filter", "json", "smallvec", "time", "fmt" ] }
 atty = "0.2.14"
 termcolor = "1.2.0"