diff --git a/Makefile b/Makefile
index 163abc31887c..f53bb99332df 100644
--- a/Makefile
+++ b/Makefile
@@ -187,7 +187,7 @@ tidy: ## Recursively "go mod tidy" on all directories where go.mod exists
 download: ## Recursively "go mod download" on all directories where go.mod exists
 	$(foreach dir,$(MOD_DIRS),cd $(dir) && go mod download $(newline))
 
-update-core: ## Update karpenter-core to latest
+update-karpenter: ## Update kubernetes-sigs/karpenter to latest
 	go get -u sigs.k8s.io/karpenter@HEAD
 	go mod tidy
 
diff --git a/go.mod b/go.mod
index 30a2a739b8a9..4170f714d908 100644
--- a/go.mod
+++ b/go.mod
@@ -28,7 +28,7 @@ require (
 	k8s.io/utils v0.0.0-20230726121419-3b25d923346b
 	knative.dev/pkg v0.0.0-20231010144348-ca8c009405dd
 	sigs.k8s.io/controller-runtime v0.16.3
-	sigs.k8s.io/karpenter v0.32.2-0.20231205044115-1cf3df4ba3cc
+	sigs.k8s.io/karpenter v0.33.0
 )
 
 require (
diff --git a/go.sum b/go.sum
index aa3df996249b..b4b776aeabab 100644
--- a/go.sum
+++ b/go.sum
@@ -761,8 +761,8 @@ sigs.k8s.io/controller-runtime v0.16.3 h1:2TuvuokmfXvDUamSx1SuAOO3eTyye+47mJCigw
 sigs.k8s.io/controller-runtime v0.16.3/go.mod h1:j7bialYoSn142nv9sCOJmQgDXQXxnroFU4VnX/brVJ0=
 sigs.k8s.io/json v0.0.0-20221116044647-bc3834ca7abd h1:EDPBXCAspyGV4jQlpZSudPeMmr1bNJefnuqLsRAsHZo=
 sigs.k8s.io/json v0.0.0-20221116044647-bc3834ca7abd/go.mod h1:B8JuhiUyNFVKdsE8h686QcCxMaH6HrOAZj4vswFpcB0=
-sigs.k8s.io/karpenter v0.32.2-0.20231205044115-1cf3df4ba3cc h1:lkSGPb7CaayNByKoDJc3jxogAOuy1L0YM1N6G6PzwTQ=
-sigs.k8s.io/karpenter v0.32.2-0.20231205044115-1cf3df4ba3cc/go.mod h1:7hPB7kdImFHAFp7pqPUqgBDOrh8GEcRnHT5uIlsXMKA=
+sigs.k8s.io/karpenter v0.33.0 h1:FvFzhYMwFackafImFeFz/ti/z/55NiZtr8HXiS+z9lU=
+sigs.k8s.io/karpenter v0.33.0/go.mod h1:7hPB7kdImFHAFp7pqPUqgBDOrh8GEcRnHT5uIlsXMKA=
 sigs.k8s.io/structured-merge-diff/v4 v4.3.0 h1:UZbZAZfX0wV2zr7YZorDz6GXROfDFj6LvqCRm4VUVKk=
 sigs.k8s.io/structured-merge-diff/v4 v4.3.0/go.mod h1:N8hJocpFajUSSeSJ9bOZ77VzejKZaXsTtZo4/u7Io08=
 sigs.k8s.io/yaml v1.3.0 h1:a2VclLzOGrwOHDiV8EfBGhvjHvP46CtW5j6POvhYGGo=