diff --git a/compiler/bindings/python/CMakeLists.txt b/compiler/bindings/python/CMakeLists.txt
index 5956c2d24cb8..5a148eddcdcf 100644
--- a/compiler/bindings/python/CMakeLists.txt
+++ b/compiler/bindings/python/CMakeLists.txt
@@ -416,29 +416,6 @@ add_custom_target(IREECompilerPythonDylibFiles
 
 add_dependencies(IREECompilerPythonModules IREECompilerPythonDylibFiles)
 
-################################################################################
-# Windows DLL colocation fix
-# On Windows, the nanobind-mlir.dll ends up in iree/build/_mlir_libs/ but we
-# need to copy it to iree/compiler/_mlir_libs/ for the Python extensions to find
-# it at runtime.
-################################################################################
-if(WIN32)
-  set(_nanobind_src "${_PYTHON_BUILD_PREFIX}/iree/build/_mlir_libs/nanobind-mlir.dll")
-  set(_nanobind_dst "${_PYTHON_BUILD_PREFIX}/iree/compiler/_mlir_libs/nanobind-mlir.dll")
-  add_custom_command(
-    OUTPUT "${_nanobind_dst}"
-    DEPENDS "${_nanobind_src}"
-    COMMAND ${CMAKE_COMMAND} -E copy_if_different
-      "${_nanobind_src}" "${_nanobind_dst}"
-    COMMENT "Copying nanobind-mlir.dll to iree/compiler/_mlir_libs/ for Windows DLL loading"
-  )
-  add_custom_target(IREECompilerPythonNanobindCopy
-    DEPENDS "${_nanobind_dst}"
-  )
-  add_dependencies(IREECompilerPythonNanobindCopy IREECompilerBuildPythonModules)
-  add_dependencies(IREECompilerPythonModules IREECompilerPythonNanobindCopy)
-endif()
-
 ################################################################################
 # Subdirectories
 ################################################################################
diff --git a/third_party/llvm-project b/third_party/llvm-project
index fc66e8eaa7e8..31f0e3e64485 160000
--- a/third_party/llvm-project
+++ b/third_party/llvm-project
@@ -1 +1 @@
-Subproject commit fc66e8eaa7e843305b917f749ba02775d3a3d5ac
+Subproject commit 31f0e3e644857ed4886884b650530ef791680f95