diff --git a/components/ruby/Gemfile.lock b/components/ruby/Gemfile.lock
index d153402b..d974b233 100644
--- a/components/ruby/Gemfile.lock
+++ b/components/ruby/Gemfile.lock
@@ -2,7 +2,7 @@ PATH
   remote: .
   specs:
     chef-licensing (0.7.4)
-      activesupport (~> 7.0, >= 7.0.4.2)
+      activesupport (~> 7.0, < 7.1)
       chef-config (>= 15)
       faraday (>= 1, < 3)
       faraday-http-cache
@@ -115,6 +115,7 @@ GEM
     wisper (2.0.1)
 
 PLATFORMS
+  arm64-darwin-22
   x86_64-darwin-19
   x86_64-darwin-21
   x86_64-linux
@@ -129,4 +130,4 @@ DEPENDENCIES
   webmock (~> 3.18, >= 3.18.1)
 
 BUNDLED WITH
-   2.3.18
+   2.3.26
diff --git a/components/ruby/chef-licensing.gemspec b/components/ruby/chef-licensing.gemspec
index 38a767f9..48240893 100644
--- a/components/ruby/chef-licensing.gemspec
+++ b/components/ruby/chef-licensing.gemspec
@@ -30,6 +30,9 @@ Gem::Specification.new do |spec|
   spec.add_dependency "tty-prompt", "~> 0.23"
   spec.add_dependency "faraday", ">= 1", "< 3"
   spec.add_dependency "faraday-http-cache"
-  spec.add_dependency "activesupport", "~> 7.0", ">= 7.0.4.2"
+  # Note: 7.1.0 does not defaults its cache_format_version to 7.1 but 6.1 instead which gives deprecation warnings
+  # Remove the version constraint when we can upgrade to 7.1.1 post stable release of Activesupport 7.1
+  # Similar issue with 7.0 existed: https://github.com/rails/rails/pull/45293
+  spec.add_dependency "activesupport", "~> 7.0", "< 7.1"
   spec.add_dependency "tty-spinner", "~> 0.9.3"
 end