diff --git a/hypothesis-python/docs/changes.rst b/hypothesis-python/docs/changes.rst
index 660090496c..2ba6a8f518 100644
--- a/hypothesis-python/docs/changes.rst
+++ b/hypothesis-python/docs/changes.rst
@@ -18,6 +18,37 @@ Hypothesis 6.x
 
     .. include:: ../RELEASE.rst
 
+.. _v6.92.5:
+
+-------------------
+6.92.5 - 2024-01-08
+-------------------
+
+This patch registers explicit strategies for a handful of builtin types,
+motivated by improved introspection in PyPy 7.3.14 triggering existing
+internal warnings.
+Thanks to Carl Friedrich Bolz-Tereick for helping us work out what changed!
+
+.. _v6.92.4:
+
+-------------------
+6.92.4 - 2024-01-08
+-------------------
+
+This patch fixes an error when writing :doc:`observability <observability>` reports without a pre-existing ``.hypothesis`` directory.
+
+.. _v6.92.3:
+
+-------------------
+6.92.3 - 2024-01-08
+-------------------
+
+This patch adds a new environment variable ``HYPOTHESIS_EXPERIMENTAL_OBSERVABILITY_NOCOVER``,
+which turns on :doc:`observability <observability>` data collection without collecting
+code coverage data, which may be faster on Python 3.11 and earlier.
+
+Thanks to Harrison Goldstein for reporting and fixing :issue:`3821`.
+
 .. _v6.92.2:
 
 -------------------
diff --git a/hypothesis-python/docs/observability.rst b/hypothesis-python/docs/observability.rst
index 4d0493c20d..ea417f9680 100644
--- a/hypothesis-python/docs/observability.rst
+++ b/hypothesis-python/docs/observability.rst
@@ -44,6 +44,10 @@ or by using the :pypi:`sqlite-utils` and :pypi:`datasette` libraries::
     sqlite-utils insert testcases.db testcases .hypothesis/observed/*_testcases.jsonl --nl --flatten
     datasette serve testcases.db
 
+If you are experiencing a significant slow-down, you can try setting
+``HYPOTHESIS_EXPERIMENTAL_OBSERVABILITY_NOCOVER`` instead; this will disable coverage information
+collection. This should not be necessary on Python 3.12 or later.
+
 
 Collecting more information
 ---------------------------
diff --git a/hypothesis-python/setup.py b/hypothesis-python/setup.py
index d4054fd5af..a668b76531 100644
--- a/hypothesis-python/setup.py
+++ b/hypothesis-python/setup.py
@@ -63,7 +63,7 @@ def local_file(name):
     # zoneinfo is an odd one: every dependency is conditional, because they're
     # only necessary on old versions of Python or Windows systems.
     "zoneinfo": [
-        "tzdata>=2023.3 ; sys_platform == 'win32'",
+        "tzdata>=2023.4 ; sys_platform == 'win32'",
         "backports.zoneinfo>=0.2.1 ; python_version<'3.9'",
     ],
     # We only support Django versions with upstream support - see
diff --git a/hypothesis-python/src/hypothesis/core.py b/hypothesis-python/src/hypothesis/core.py
index 82e359fc2f..ee9762525d 100644
--- a/hypothesis-python/src/hypothesis/core.py
+++ b/hypothesis-python/src/hypothesis/core.py
@@ -88,6 +88,7 @@
 )
 from hypothesis.internal.healthcheck import fail_health_check
 from hypothesis.internal.observability import (
+    OBSERVABILITY_COLLECT_COVERAGE,
     TESTCASE_CALLBACKS,
     deliver_json_blob,
     make_testcase,
@@ -968,7 +969,7 @@ def _execute_once_for_engine(self, data: ConjectureData) -> None:
             _can_trace = (
                 sys.gettrace() is None or sys.version_info[:2] >= (3, 12)
             ) and not PYPY
-            _trace_obs = TESTCASE_CALLBACKS
+            _trace_obs = TESTCASE_CALLBACKS and OBSERVABILITY_COLLECT_COVERAGE
             _trace_failure = (
                 self.failed_normally
                 and not self.failed_due_to_deadline
diff --git a/hypothesis-python/src/hypothesis/internal/observability.py b/hypothesis-python/src/hypothesis/internal/observability.py
index 6752868737..0da4aca764 100644
--- a/hypothesis-python/src/hypothesis/internal/observability.py
+++ b/hypothesis-python/src/hypothesis/internal/observability.py
@@ -12,10 +12,13 @@
 
 import json
 import os
+import sys
+import warnings
 from datetime import date, timedelta
 from typing import Callable, Dict, List, Optional
 
 from hypothesis.configuration import storage_directory
+from hypothesis.errors import HypothesisWarning
 from hypothesis.internal.conjecture.data import ConjectureData, Status
 
 TESTCASE_CALLBACKS: List[Callable[[dict], None]] = []
@@ -76,13 +79,29 @@ def make_testcase(
 def _deliver_to_file(value):  # pragma: no cover
     kind = "testcases" if value["type"] == "test_case" else "info"
     fname = storage_directory("observed", f"{date.today().isoformat()}_{kind}.jsonl")
-    fname.parent.mkdir(exist_ok=True)
+    fname.parent.mkdir(exist_ok=True, parents=True)
     _WROTE_TO.add(fname)
     with fname.open(mode="a") as f:
         f.write(json.dumps(value) + "\n")
 
 
-if "HYPOTHESIS_EXPERIMENTAL_OBSERVABILITY" in os.environ:  # pragma: no cover
+OBSERVABILITY_COLLECT_COVERAGE = (
+    "HYPOTHESIS_EXPERIMENTAL_OBSERVABILITY_NOCOVER" not in os.environ
+)
+if OBSERVABILITY_COLLECT_COVERAGE is False and sys.version_info[:2] >= (
+    3,
+    12,
+):  # pragma: no cover
+    warnings.warn(
+        "Coverage data collection should be quite fast in Python 3.12 or later "
+        "so there should be no need to turn coverage reporting off.",
+        HypothesisWarning,
+        stacklevel=2,
+    )
+if (
+    "HYPOTHESIS_EXPERIMENTAL_OBSERVABILITY" in os.environ
+    or OBSERVABILITY_COLLECT_COVERAGE is False
+):  # pragma: no cover
     TESTCASE_CALLBACKS.append(_deliver_to_file)
 
     # Remove files more than a week old, to cap the size on disk
diff --git a/hypothesis-python/src/hypothesis/strategies/_internal/core.py b/hypothesis-python/src/hypothesis/strategies/_internal/core.py
index 03653c61e1..b3a558c306 100644
--- a/hypothesis-python/src/hypothesis/strategies/_internal/core.py
+++ b/hypothesis-python/src/hypothesis/strategies/_internal/core.py
@@ -1438,7 +1438,7 @@ def from_type_guarded(thing):
                 kwargs[k] = from_type_guarded(hints[k])
                 if p.default is not Parameter.empty and kwargs[k] is not ...:
                     kwargs[k] = just(p.default) | kwargs[k]
-        if params and not kwargs:
+        if params and not kwargs and not issubclass(thing, BaseException):
             from_type_repr = repr_call(from_type, (thing,), {})
             builds_repr = repr_call(builds, (thing,), {})
             warnings.warn(
diff --git a/hypothesis-python/src/hypothesis/strategies/_internal/types.py b/hypothesis-python/src/hypothesis/strategies/_internal/types.py
index aba2e457a0..d91102cb50 100644
--- a/hypothesis-python/src/hypothesis/strategies/_internal/types.py
+++ b/hypothesis-python/src/hypothesis/strategies/_internal/types.py
@@ -625,17 +625,18 @@ def _networks(bits):
     BaseExceptionGroup: st.builds(
         BaseExceptionGroup,
         st.text(),
-        st.lists(st.from_type(BaseException), min_size=1),
+        st.lists(st.from_type(BaseException), min_size=1, max_size=5),
     ),
     ExceptionGroup: st.builds(
         ExceptionGroup,
         st.text(),
-        st.lists(st.from_type(Exception), min_size=1),
+        st.lists(st.from_type(Exception), min_size=1, max_size=5),
     ),
     enumerate: st.builds(enumerate, st.just(())),
     filter: st.builds(filter, st.just(lambda _: None), st.just(())),
     map: st.builds(map, st.just(lambda _: None), st.just(())),
     reversed: st.builds(reversed, st.just(())),
+    zip: st.builds(zip),  # avoids warnings on PyPy 7.3.14+
     property: st.builds(property, st.just(lambda _: None)),
     classmethod: st.builds(classmethod, st.just(lambda self: self)),
     staticmethod: st.builds(staticmethod, st.just(lambda self: self)),
diff --git a/hypothesis-python/src/hypothesis/version.py b/hypothesis-python/src/hypothesis/version.py
index 968da9a95e..15d22bf279 100644
--- a/hypothesis-python/src/hypothesis/version.py
+++ b/hypothesis-python/src/hypothesis/version.py
@@ -8,5 +8,5 @@
 # v. 2.0. If a copy of the MPL was not distributed with this file, You can
 # obtain one at https://mozilla.org/MPL/2.0/.
 
-__version_info__ = (6, 92, 2)
+__version_info__ = (6, 92, 5)
 __version__ = ".".join(map(str, __version_info__))
diff --git a/requirements/coverage.txt b/requirements/coverage.txt
index 9ac3ca1c6e..d3f46edce6 100644
--- a/requirements/coverage.txt
+++ b/requirements/coverage.txt
@@ -8,7 +8,7 @@ annotated-types==0.6.0
     # via -r requirements/coverage.in
 async-timeout==4.0.3
     # via redis
-attrs==23.1.0
+attrs==23.2.0
     # via hypothesis (hypothesis-python/setup.py)
 black==23.12.1
     # via -r requirements/coverage.in
@@ -16,7 +16,7 @@ click==8.1.7
     # via
     #   -r requirements/coverage.in
     #   black
-coverage==7.3.4
+coverage==7.4.0
     # via -r requirements/coverage.in
 dpcontracts==0.6.0
     # via -r requirements/coverage.in
@@ -38,7 +38,7 @@ mypy-extensions==1.0.0
     # via
     #   black
     #   typing-inspect
-numpy==1.26.2
+numpy==1.26.3
     # via
     #   -r requirements/coverage.in
     #   pandas
@@ -58,7 +58,7 @@ pluggy==1.3.0
     # via pytest
 ptyprocess==0.7.0
     # via pexpect
-pytest==7.4.3
+pytest==7.4.4
     # via
     #   -r requirements/test.in
     #   pytest-xdist
@@ -94,5 +94,5 @@ typing-extensions==4.9.0
     #   typing-inspect
 typing-inspect==0.9.0
     # via libcst
-tzdata==2023.3
+tzdata==2023.4
     # via pandas
diff --git a/requirements/fuzzing.txt b/requirements/fuzzing.txt
index a91c7abdca..6f484e3cdc 100644
--- a/requirements/fuzzing.txt
+++ b/requirements/fuzzing.txt
@@ -10,7 +10,7 @@ ansi2html==1.9.1
     # via dash
 async-timeout==4.0.3
     # via redis
-attrs==23.1.0
+attrs==23.2.0
     # via
     #   hypothesis
     #   hypothesis (hypothesis-python/setup.py)
@@ -31,7 +31,7 @@ click==8.1.7
     #   black
     #   flask
     #   hypothesis
-coverage==7.3.4
+coverage==7.4.0
     # via
     #   -r requirements/coverage.in
     #   hypofuzz
@@ -58,7 +58,7 @@ flask==3.0.0
     # via dash
 hypofuzz==23.12.1
     # via -r requirements/fuzzing.in
-hypothesis[cli]==6.92.1
+hypothesis[cli]==6.92.2
     # via
     #   hypofuzz
     #   hypothesis
@@ -92,7 +92,7 @@ mypy-extensions==1.0.0
     #   typing-inspect
 nest-asyncio==1.5.8
     # via dash
-numpy==1.26.2
+numpy==1.26.3
     # via
     #   -r requirements/coverage.in
     #   pandas
@@ -121,7 +121,7 @@ ptyprocess==0.7.0
     # via pexpect
 pygments==2.17.2
     # via rich
-pytest==7.4.3
+pytest==7.4.4
     # via
     #   -r requirements/test.in
     #   hypofuzz
@@ -172,7 +172,7 @@ typing-extensions==4.9.0
     #   typing-inspect
 typing-inspect==0.9.0
     # via libcst
-tzdata==2023.3
+tzdata==2023.4
     # via pandas
 urllib3==2.1.0
     # via requests
diff --git a/requirements/test.txt b/requirements/test.txt
index efea209a06..01d7e5d116 100644
--- a/requirements/test.txt
+++ b/requirements/test.txt
@@ -4,7 +4,7 @@
 #
 #    ./build.sh upgrade-requirements
 #
-attrs==23.1.0
+attrs==23.2.0
     # via hypothesis (hypothesis-python/setup.py)
 exceptiongroup==1.2.0 ; python_version < "3.11"
     # via
@@ -22,7 +22,7 @@ pluggy==1.3.0
     # via pytest
 ptyprocess==0.7.0
     # via pexpect
-pytest==7.4.3
+pytest==7.4.4
     # via
     #   -r requirements/test.in
     #   pytest-xdist
diff --git a/requirements/tools.txt b/requirements/tools.txt
index 5f1643b847..c230369164 100644
--- a/requirements/tools.txt
+++ b/requirements/tools.txt
@@ -10,7 +10,7 @@ asgiref==3.7.2
     # via django
 asttokens==2.4.1
     # via stack-data
-attrs==23.1.0
+attrs==23.2.0
     # via hypothesis (hypothesis-python/setup.py)
 autoflake==2.2.1
     # via shed
@@ -42,7 +42,7 @@ colorama==0.4.6
     # via tox
 com2ann==0.3.0
     # via shed
-coverage==7.3.4
+coverage==7.4.0
     # via -r requirements/tools.in
 cryptography==41.0.7
     # via
@@ -53,7 +53,7 @@ decorator==5.1.1
     # via ipython
 distlib==0.3.8
     # via virtualenv
-django==5.0
+django==5.0.1
     # via -r requirements/tools.in
 docutils==0.20.1
     # via
@@ -165,7 +165,7 @@ pure-eval==0.2.2
     # via stack-data
 pycparser==2.21
     # via cffi
-pyflakes==3.1.0
+pyflakes==3.2.0
     # via autoflake
 pygments==2.17.2
     # via
@@ -177,9 +177,9 @@ pyproject-api==1.6.1
     # via tox
 pyproject-hooks==1.0.0
     # via build
-pyright==1.1.342
+pyright==1.1.344
     # via -r requirements/tools.in
-pytest==7.4.3
+pytest==7.4.4
     # via -r requirements/tools.in
 python-dateutil==2.8.2
     # via -r requirements/tools.in
@@ -206,7 +206,7 @@ rfc3986==2.0.0
     # via twine
 rich==13.7.0
     # via twine
-ruff==0.1.9
+ruff==0.1.11
     # via -r requirements/tools.in
 secretstorage==3.3.3
     # via keyring
@@ -279,7 +279,7 @@ tomli==2.0.1
     #   tox
 tox==4.11.4
     # via -r requirements/tools.in
-traitlets==5.14.0
+traitlets==5.14.1
     # via
     #   ipython
     #   matplotlib-inline
@@ -289,11 +289,11 @@ types-click==7.1.8
     # via -r requirements/tools.in
 types-pkg-resources==0.1.3
     # via -r requirements/tools.in
-types-pyopenssl==23.3.0.0
+types-pyopenssl==23.3.0.20240106
     # via types-redis
 types-pytz==2023.3.1.1
     # via -r requirements/tools.in
-types-redis==4.6.0.11
+types-redis==4.6.0.20240106
     # via -r requirements/tools.in
 typing-extensions==4.9.0
     # via
@@ -311,7 +311,7 @@ urllib3==2.1.0
     #   twine
 virtualenv==20.25.0
     # via tox
-wcwidth==0.2.12
+wcwidth==0.2.13
     # via prompt-toolkit
 wheel==0.42.0
     # via pip-tools
diff --git a/tooling/src/hypothesistooling/__main__.py b/tooling/src/hypothesistooling/__main__.py
index fe1babe51d..9f66e4be06 100644
--- a/tooling/src/hypothesistooling/__main__.py
+++ b/tooling/src/hypothesistooling/__main__.py
@@ -396,8 +396,8 @@ def run_tox(task, version, *args):
     "3.12": "3.12.1",
     "3.13": "3.13.0a2",
     "pypy3.8": "pypy3.8-7.3.11",
-    "pypy3.9": "pypy3.9-7.3.13",
-    "pypy3.10": "pypy3.10-7.3.13",
+    "pypy3.9": "pypy3.9-7.3.14",
+    "pypy3.10": "pypy3.10-7.3.14",
 }
 ci_version = "3.10"  # Keep this in sync with GH Actions main.yml and .readthedocs.yml