diff --git a/setup.py b/setup.py
index 92b37ddb..dcddbb35 100644
--- a/setup.py
+++ b/setup.py
@@ -5,7 +5,7 @@
 # We don't declare our dependency on transformers here because we build with
 # different packages for different variants
 
-VERSION = "0.5.0"
+VERSION = "0.5.1"
 
 # Ubuntu packages
 # libsndfile1-dev: torchaudio requires the development version of the libsndfile package which can be installed via a system package manager. On Ubuntu it can be installed as follows: apt install libsndfile1-dev
@@ -13,8 +13,8 @@
 # libavcodec-extra : libavcodec-extra  includes additional codecs for ffmpeg
 
 install_requires = [
-    "transformers[sklearn,sentencepiece,audio,vision,sentencepiece]==4.44.0",
-    "huggingface_hub[hf_transfer]==0.24.5",
+    "transformers[sklearn,sentencepiece,audio,vision,sentencepiece]==4.46.0",
+    "huggingface_hub[hf_transfer]==0.26.2",
     # vision
     "Pillow",
     "librosa",
@@ -31,11 +31,11 @@
 
 extras = {}
 
-extras["st"] = ["sentence_transformers==3.1.1"]
-extras["diffusers"] = ["diffusers==0.30.0", "accelerate==0.33.0"]
+extras["st"] = ["sentence_transformers==3.2.1"]
+extras["diffusers"] = ["diffusers==0.31.0", "accelerate==1.0.1"]
 # Includes `peft` as PEFT requires `torch` so having `peft` as a core dependency
 # means that `torch` will be installed even if the `torch` extra is not specified.
-extras["torch"] = ["torch==2.2.2", "torchvision", "torchaudio", "peft==0.12.0"]
+extras["torch"] = ["torch==2.3.1", "torchvision", "torchaudio", "peft==0.13.2"]
 extras["test"] = [
     "pytest==7.2.1",
     "pytest-xdist",