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+## Changes by Kind
+
+### Other (Cleanup or Flake)
+
+- Bump CAPI to v1.10.3 ([#5729](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5729), [@mboersma](https://github.com/mboersma))
+
+## Dependencies
+
+### Added
+_Nothing has changed._
+
+### Changed
+- github.com/cloudflare/circl: [v1.3.7 → v1.6.1](https://github.com/cloudflare/circl/compare/v1.3.7...v1.6.1)
+- sigs.k8s.io/cluster-api/test: v1.10.2 → v1.10.3
+- sigs.k8s.io/cluster-api: v1.10.2 → v1.10.3
+
+### Removed
+_Nothing has changed._
+
+## Details
+<!-- markdown-link-check-disable-next-line -->
+https://github.com/kubernetes-sigs/cluster-api-provider-azure/compare/v1.20.0...v1.20.1