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+## Changes by Kind
+
+### Bug or Regression
+
+- Fixed a bug causing an unnecessary update to an AKS agent pool after its managed cluster is created when certain fields are defined. ([#5524](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5524), [@nojnhuh](https://github.com/nojnhuh))
+- Fixes potential OOM due to tracing (even if tracing not enabled) [@mweibel](https://github.com/mweibel))
+
+### Other (Cleanup or Flake)
+
+- Bump CAPI to v1.9.6 ([#5554](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5554), [@mboersma](https://github.com/mboersma))
+
+## Dependencies
+
+### Added
+_Nothing has changed._
+
+### Changed
+- sigs.k8s.io/cluster-api/test: v1.9.5 → v1.9.6
+- sigs.k8s.io/cluster-api: v1.9.5 → v1.9.6
+
+### Removed
+_Nothing has changed._
+
+## Details
+<!-- markdown-link-check-disable-next-line -->
+https://github.com/kubernetes-sigs/cluster-api-provider-azure/compare/v1.19.1...v1.19.2