diff --git a/requirements-iree-pinned.txt b/requirements-iree-pinned.txt
index a6594f284..040eb2a60 100644
--- a/requirements-iree-pinned.txt
+++ b/requirements-iree-pinned.txt
@@ -2,6 +2,6 @@
 
 # Keep these versions synced with SHORTFIN_IREE_GIT_TAG in shortfin/CMakeLists.txt
 --find-links https://iree.dev/pip-release-links.html
-iree-base-compiler==3.2.0rc20250113
-iree-base-runtime==3.2.0rc20250113
-iree-turbine==3.2.0rc20250113
+iree-base-compiler==3.2.0rc20250120
+iree-base-runtime==3.2.0rc20250120
+iree-turbine==3.2.0rc20250119
diff --git a/sharktank/tests/models/llama/benchmark_amdgpu_test.py b/sharktank/tests/models/llama/benchmark_amdgpu_test.py
index a079f75ef..a8186a47f 100644
--- a/sharktank/tests/models/llama/benchmark_amdgpu_test.py
+++ b/sharktank/tests/models/llama/benchmark_amdgpu_test.py
@@ -55,7 +55,6 @@ def setUp(self):
             "--iree-opt-data-tiling=false",
             "--iree-preprocessing-pass-pipeline='builtin.module(util.func(iree-preprocessing-generalize-linalg-matmul-experimental))'",
             "--iree-stream-resource-memory-model=discrete",
-            "--iree-hip-legacy-sync=false",
             "--iree-hal-indirect-command-buffers=true",
             "--iree-hal-memoization=true",
             "--iree-opt-strip-assertions",
diff --git a/shortfin/CMakeLists.txt b/shortfin/CMakeLists.txt
index 0c69a08a0..de030e9ce 100644
--- a/shortfin/CMakeLists.txt
+++ b/shortfin/CMakeLists.txt
@@ -47,7 +47,7 @@ add_compile_options("$<$<CXX_COMPILER_ID:MSVC>:/utf-8>")
 # Prefer to keep the IREE git tag synced with the Python package version in the
 # requirements-iree-pinned.txt file. At a minimum, the compiler from those
 # packages must be compatible with the runtime at this source ref.
-set(SHORTFIN_IREE_GIT_TAG "iree-3.2.0rc20250113")
+set(SHORTFIN_IREE_GIT_TAG "iree-3.2.0rc20250120")
 
 
 # build options
diff --git a/shortfin/python/shortfin_apps/sd/components/config_artifacts.py b/shortfin/python/shortfin_apps/sd/components/config_artifacts.py
index 5c7875708..db479d987 100644
--- a/shortfin/python/shortfin_apps/sd/components/config_artifacts.py
+++ b/shortfin/python/shortfin_apps/sd/components/config_artifacts.py
@@ -8,7 +8,7 @@
 from iree.build.executor import FileNamespace
 import os
 
-ARTIFACT_VERSION = "01062025"
+ARTIFACT_VERSION = "01202025"
 SDXL_CONFIG_BUCKET = f"https://sharkpublic.blob.core.windows.net/sharkpublic/sdxl/{ARTIFACT_VERSION}/configs/"
 
 
diff --git a/shortfin/python/shortfin_apps/sd/examples/sdxl_flags_gfx942.txt b/shortfin/python/shortfin_apps/sd/examples/sdxl_flags_gfx942.txt
index 731bc6da0..20b042135 100644
--- a/shortfin/python/shortfin_apps/sd/examples/sdxl_flags_gfx942.txt
+++ b/shortfin/python/shortfin_apps/sd/examples/sdxl_flags_gfx942.txt
@@ -12,7 +12,6 @@ all
 --iree-codegen-llvmgpu-use-vector-distribution=1
 --iree-llvmgpu-enable-prefetch=1
 --iree-codegen-gpu-native-math-precision=1
---iree-hip-legacy-sync=0
 --iree-opt-data-tiling=0
 --iree-vm-target-truncate-unsupported-floats
 clip