diff --git a/packages/next/compiled/webpack/bundle5.js b/packages/next/compiled/webpack/bundle5.js
index c8689dde9bdca52..fd1d6d65a405ddf 100644
--- a/packages/next/compiled/webpack/bundle5.js
+++ b/packages/next/compiled/webpack/bundle5.js
@@ -29716,7 +29716,7 @@ const makeSerializable = __webpack_require__(33032);
 
 /**
  * @typedef {Object} ContextModuleOptionsExtras
- * @property {string|string[]} resource
+ * @property {string} resource
  * @property {string=} resourceQuery
  * @property {string=} resourceFragment
  * @property {TODO} resolveOptions
@@ -29747,36 +29747,23 @@ class ContextModule extends Module {
 	 * @param {ContextModuleOptions} options options object
 	 */
 	constructor(resolveDependencies, options) {
-		if (!options || typeof options.resource === "string") {
-			const parsed = parseResource(
-				options ? /** @type {string} */ (options.resource) : ""
-			);
-			const resource = parsed.path;
-			const resourceQuery = (options && options.resourceQuery) || parsed.query;
-			const resourceFragment =
-				(options && options.resourceFragment) || parsed.fragment;
-
-			super("javascript/dynamic", resource);
-			/** @type {ContextModuleOptions} */
-			this.options = {
-				...options,
-				resource,
-				resourceQuery,
-				resourceFragment
-			};
-		} else {
-			super("javascript/dynamic");
-			/** @type {ContextModuleOptions} */
-			this.options = {
-				...options,
-				resource: options.resource,
-				resourceQuery: options.resourceQuery || "",
-				resourceFragment: options.resourceFragment || ""
-			};
-		}
+		const parsed = parseResource(options ? options.resource : "");
+		const resource = parsed.path;
+		const resourceQuery = (options && options.resourceQuery) || parsed.query;
+		const resourceFragment =
+			(options && options.resourceFragment) || parsed.fragment;
+
+		super("javascript/dynamic", resource);
 
 		// Info from Factory
 		this.resolveDependencies = resolveDependencies;
+		/** @type {ContextModuleOptions} */
+		this.options = {
+			...options,
+			resource,
+			resourceQuery,
+			resourceFragment
+		};
 		if (options && options.resolveOptions !== undefined) {
 			this.resolveOptions = options.resolveOptions;
 		}
@@ -29823,11 +29810,7 @@ class ContextModule extends Module {
 	}
 
 	_createIdentifier() {
-		let identifier =
-			this.context ||
-			(typeof this.options.resource === "string"
-				? this.options.resource
-				: this.options.resource.join("|"));
+		let identifier = this.context;
 		if (this.options.resourceQuery) {
 			identifier += `|${this.options.resourceQuery}`;
 		}
@@ -29892,16 +29875,7 @@ class ContextModule extends Module {
 	 * @returns {string} a user readable identifier of the module
 	 */
 	readableIdentifier(requestShortener) {
-		let identifier;
-		if (this.context) {
-			identifier = requestShortener.shorten(this.context) + "/";
-		} else if (typeof this.options.resource === "string") {
-			identifier = requestShortener.shorten(this.options.resource) + "/";
-		} else {
-			identifier = this.options.resource
-				.map(r => requestShortener.shorten(r) + "/")
-				.join(" ");
-		}
+		let identifier = requestShortener.shorten(this.context) + "/";
 		if (this.options.resourceQuery) {
 			identifier += ` ${this.options.resourceQuery}`;
 		}
@@ -29951,30 +29925,11 @@ class ContextModule extends Module {
 	 * @returns {string | null} an identifier for library inclusion
 	 */
 	libIdent(options) {
-		let identifier;
-
-		if (this.context) {
-			identifier = contextify(
-				options.context,
-				this.context,
-				options.associatedObjectForCache
-			);
-		} else if (typeof this.options.resource === "string") {
-			identifier = contextify(
-				options.context,
-				this.options.resource,
-				options.associatedObjectForCache
-			);
-		} else {
-			const arr = [];
-			for (const res of this.options.resource) {
-				arr.push(
-					contextify(options.context, res, options.associatedObjectForCache)
-				);
-			}
-			identifier = arr.join(" ");
-		}
-
+		let identifier = contextify(
+			options.context,
+			this.context,
+			options.associatedObjectForCache
+		);
 		if (this.layer) identifier = `(${this.layer})/${identifier}`;
 		if (this.options.mode) {
 			identifier += ` ${this.options.mode}`;
@@ -30142,11 +30097,7 @@ class ContextModule extends Module {
 			compilation.fileSystemInfo.createSnapshot(
 				startTime,
 				null,
-				this.context
-					? [this.context]
-					: typeof this.options.resource === "string"
-					? [this.options.resource]
-					: this.options.resource,
+				[this.context],
 				null,
 				SNAPSHOT_OPTIONS,
 				(err, snapshot) => {
@@ -30170,13 +30121,7 @@ class ContextModule extends Module {
 		missingDependencies,
 		buildDependencies
 	) {
-		if (this.context) {
-			contextDependencies.add(this.context);
-		} else if (typeof this.options.resource === "string") {
-			contextDependencies.add(this.options.resource);
-		} else {
-			for (const res of this.options.resource) contextDependencies.add(res);
-		}
+		contextDependencies.add(this.context);
 	}
 
 	/**
@@ -30968,9 +30913,6 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 				asyncLib.parallel(
 					[
 						callback => {
-							const results = [];
-							const yield_ = obj => results.push(obj);
-
 							contextResolver.resolve(
 								{},
 								context,
@@ -30978,12 +30920,11 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 								{
 									fileDependencies,
 									missingDependencies,
-									contextDependencies,
-									yield: yield_
+									contextDependencies
 								},
-								err => {
+								(err, result) => {
 									if (err) return callback(err);
-									callback(null, results);
+									callback(null, result);
 								}
 							);
 						},
@@ -31018,20 +30959,15 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 								contextDependencies
 							});
 						}
-						const [contextResult, loaderResult] = result;
+
 						this.hooks.afterResolve.callAsync(
 							{
 								addon:
 									loadersPrefix +
-									loaderResult.join("!") +
-									(loaderResult.length > 0 ? "!" : ""),
-								resource:
-									contextResult.length > 1
-										? contextResult.map(r => r.path)
-										: contextResult[0].path,
+									result[1].join("!") +
+									(result[1].length > 0 ? "!" : ""),
+								resource: result[0],
 								resolveDependencies: this.resolveDependencies.bind(this),
-								resourceQuery: contextResult[0].query,
-								resourceFragment: contextResult[0].fragment,
 								...beforeResolveResult
 							},
 							(err, result) => {
@@ -31088,28 +31024,26 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 		} = options;
 		if (!regExp || !resource) return callback(null, []);
 
-		let severalContexts = false;
-		const addDirectoryChecked = (ctx, directory, visited, callback) => {
+		const addDirectoryChecked = (directory, visited, callback) => {
 			fs.realpath(directory, (err, realPath) => {
 				if (err) return callback(err);
 				if (visited.has(realPath)) return callback(null, []);
 				let recursionStack;
 				addDirectory(
-					ctx,
 					directory,
-					(_, dir, callback) => {
+					(dir, callback) => {
 						if (recursionStack === undefined) {
 							recursionStack = new Set(visited);
 							recursionStack.add(realPath);
 						}
-						addDirectoryChecked(ctx, dir, recursionStack, callback);
+						addDirectoryChecked(dir, recursionStack, callback);
 					},
 					callback
 				);
 			});
 		};
 
-		const addDirectory = (ctx, directory, addSubDirectory, callback) => {
+		const addDirectory = (directory, addSubDirectory, callback) => {
 			fs.readdir(directory, (err, files) => {
 				if (err) return callback(err);
 				const processedFiles = cmf.hooks.contextModuleFiles.call(
@@ -31136,15 +31070,16 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 
 								if (stat.isDirectory()) {
 									if (!recursive) return callback();
-									addSubDirectory(ctx, subResource, callback);
+									addSubDirectory(subResource, callback);
 								} else if (
 									stat.isFile() &&
 									(!include || subResource.match(include))
 								) {
 									const obj = {
-										context: ctx,
+										context: resource,
 										request:
-											"." + subResource.substr(ctx.length).replace(/\\/g, "/")
+											"." +
+											subResource.substr(resource.length).replace(/\\/g, "/")
 									};
 
 									this.hooks.alternativeRequests.callAsync(
@@ -31155,11 +31090,8 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 											alternatives = alternatives
 												.filter(obj => regExp.test(obj.request))
 												.map(obj => {
-													const request = severalContexts
-														? join(fs, obj.context, obj.request)
-														: obj.request;
 													const dep = new ContextElementDependency(
-														request + resourceQuery + resourceFragment,
+														obj.request + resourceQuery + resourceFragment,
 														obj.request,
 														typePrefix,
 														category,
@@ -31196,38 +31128,12 @@ module.exports = class ContextModuleFactory extends ModuleFactory {
 			});
 		};
 
-		const addSubDirectory = (ctx, dir, callback) =>
-			addDirectory(ctx, dir, addSubDirectory, callback);
-
-		const visitResource = (resource, callback) => {
-			if (typeof fs.realpath === "function") {
-				addDirectoryChecked(resource, resource, new Set(), callback);
-			} else {
-				addDirectory(resource, resource, addSubDirectory, callback);
-			}
-		};
-
-		if (typeof resource === "string") {
-			visitResource(resource, callback);
+		if (typeof fs.realpath === "function") {
+			addDirectoryChecked(resource, new Set(), callback);
 		} else {
-			severalContexts = true;
-			asyncLib.map(resource, visitResource, (err, result) => {
-				if (err) return callback(err);
-
-				// result dependencies should have unique userRequest
-				// ordered by resolve result
-				const temp = new Set();
-				const res = [];
-				for (let i = 0; i < result.length; i++) {
-					const inner = result[i];
-					for (const el of inner) {
-						if (temp.has(el.userRequest)) continue;
-						res.push(el);
-						temp.add(el.userRequest);
-					}
-				}
-				callback(null, res);
-			});
+			const addSubDirectory = (dir, callback) =>
+				addDirectory(dir, addSubDirectory, callback);
+			addDirectory(resource, addSubDirectory, callback);
 		}
 	}
 };
@@ -62809,11 +62715,6 @@ class ResolverCachePlugin {
 				fileDependencies: new LazySet(),
 				contextDependencies: new LazySet()
 			};
-			let yieldResult;
-			if (typeof newResolveContext.yield === "function") {
-				yieldResult = [];
-				newResolveContext.yield = obj => yieldResult.push(obj);
-			}
 			const propagate = key => {
 				if (resolveContext[key]) {
 					addAllToSet(resolveContext[key], newResolveContext[key]);
@@ -62841,19 +62742,15 @@ class ResolverCachePlugin {
 						snapshotOptions,
 						(err, snapshot) => {
 							if (err) return callback(err);
-							const resolveResult = result || yieldResult;
 							if (!snapshot) {
-								if (resolveResult) return callback(null, resolveResult);
+								if (result) return callback(null, result);
 								return callback();
 							}
-							itemCache.store(
-								new CacheEntry(resolveResult, snapshot),
-								storeErr => {
-									if (storeErr) return callback(storeErr);
-									if (resolveResult) return callback(null, resolveResult);
-									callback();
-								}
-							);
+							itemCache.store(new CacheEntry(result, snapshot), storeErr => {
+								if (storeErr) return callback(storeErr);
+								if (result) return callback(null, result);
+								callback();
+							});
 						}
 					);
 				}
@@ -62863,8 +62760,6 @@ class ResolverCachePlugin {
 			factory(type, hook) {
 				/** @type {Map<string, (function(Error=, Object=): void)[]>} */
 				const activeRequests = new Map();
-				/** @type {Map<string, [function(Error=, Object=): void, function(Error=, Object=): void][]>} */
-				const activeRequestsWithYield = new Map();
 				hook.tap(
 					"ResolverCachePlugin",
 					/**
@@ -62889,63 +62784,29 @@ class ResolverCachePlugin {
 								if (request._ResolverCachePluginCacheMiss || !fileSystemInfo) {
 									return callback();
 								}
-								const withYield = typeof resolveContext.yield === "function";
-								const identifier = `${type}${
-									withYield ? "|yield" : "|default"
-								}${optionsIdent}${objectToString(request, !cacheWithContext)}`;
-
-								if (withYield) {
-									const activeRequest = activeRequestsWithYield.get(identifier);
-									if (activeRequest) {
-										activeRequest[0].push(callback);
-										activeRequest[1].push(resolveContext.yield);
-										return;
-									}
-								} else {
-									const activeRequest = activeRequests.get(identifier);
-									if (activeRequest) {
-										activeRequest.push(callback);
-										return;
-									}
+								const identifier = `${type}${optionsIdent}${objectToString(
+									request,
+									!cacheWithContext
+								)}`;
+								const activeRequest = activeRequests.get(identifier);
+								if (activeRequest) {
+									activeRequest.push(callback);
+									return;
 								}
 								const itemCache = cache.getItemCache(identifier, null);
-								let callbacks, yields;
-								const done = withYield
-									? (err, result) => {
-											if (callbacks === undefined) {
-												if (err) {
-													callback(err);
-												} else {
-													if (result)
-														for (const r of result) resolveContext.yield(r);
-													callback(null, null);
-												}
-												yields = undefined;
-												callbacks = false;
-											} else {
-												for (let i = 0; i < callbacks.length; i++) {
-													const cb = callbacks[i];
-													const yield_ = yields[i];
-													if (result) for (const r of result) yield_(r);
-													cb(null, null);
-												}
-												activeRequestsWithYield.delete(identifier);
-												yields = undefined;
-												callbacks = false;
-											}
-									  }
-									: (err, result) => {
-											if (callbacks === undefined) {
-												callback(err, result);
-												callbacks = false;
-											} else {
-												for (const callback of callbacks) {
-													callback(err, result);
-												}
-												activeRequests.delete(identifier);
-												callbacks = false;
-											}
-									  };
+								let callbacks;
+								const done = (err, result) => {
+									if (callbacks === undefined) {
+										callback(err, result);
+										callbacks = false;
+									} else {
+										for (const callback of callbacks) {
+											callback(err, result);
+										}
+										activeRequests.delete(identifier);
+										callbacks = false;
+									}
+								};
 								/**
 								 * @param {Error=} err error if any
 								 * @param {CacheEntry=} cacheEntry cache entry
@@ -63002,14 +62863,7 @@ class ResolverCachePlugin {
 									}
 								};
 								itemCache.get(processCacheResult);
-								if (withYield && callbacks === undefined) {
-									callbacks = [callback];
-									yields = [resolveContext.yield];
-									activeRequestsWithYield.set(
-										identifier,
-										/** @type {[any, any]} */ ([callbacks, yields])
-									);
-								} else if (callbacks === undefined) {
+								if (callbacks === undefined) {
 									callbacks = [callback];
 									activeRequests.set(identifier, callbacks);
 								}
@@ -141965,7 +141819,7 @@ module.exports = JSON.parse('{"application/1d-interleaved-parityfec":{"source":"
 /***/ (function(module) {
 
 "use strict";
-module.exports = {"i8":"5.69.0"};
+module.exports = {"i8":"5.69.1"};
 
 /***/ }),
 
diff --git a/packages/next/package.json b/packages/next/package.json
index e22442f6fdef61f..9c15019bcdccb28 100644
--- a/packages/next/package.json
+++ b/packages/next/package.json
@@ -267,7 +267,7 @@
     "webpack-sources1": "npm:webpack-sources@1.4.3",
     "webpack-sources3": "npm:webpack-sources@3.2.3",
     "webpack4": "npm:webpack@4.44.1",
-    "webpack5": "npm:webpack@5.69.0",
+    "webpack5": "npm:webpack@5.69.1",
     "ws": "8.2.3"
   },
   "resolutions": {
diff --git a/yarn.lock b/yarn.lock
index af18b6562100cf4..1ee4e9b20c7e89b 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -8878,7 +8878,7 @@ enhanced-resolve@^4.3.0:
     memory-fs "^0.5.0"
     tapable "^1.0.0"
 
-enhanced-resolve@^5.9.0:
+enhanced-resolve@^5.8.3:
   version "5.9.0"
   resolved "https://registry.yarnpkg.com/enhanced-resolve/-/enhanced-resolve-5.9.0.tgz#49ac24953ac8452ed8fed2ef1340fc8e043667ee"
   integrity sha512-weDYmzbBygL7HzGGS26M3hGQx68vehdEg6VUmqSOaFzXExFqlnKuSvsEJCVGQHScS8CQMbrAqftT+AzzHNt/YA==
@@ -20847,10 +20847,10 @@ webpack-bundle-analyzer@4.3.0:
     watchpack "^1.7.4"
     webpack-sources "^1.4.1"
 
-"webpack5@npm:webpack@5.69.0":
-  version "5.69.0"
-  resolved "https://registry.yarnpkg.com/webpack/-/webpack-5.69.0.tgz#c9eb607d4f6c49f1e5755492323a7b055c3450e3"
-  integrity sha512-E5Fqu89Gu8fR6vejRqu26h8ld/k6/dCVbeGUcuZjc+goQHDfCPU9rER71JmdtBYGmci7Ec2aFEATQ2IVXKy2wg==
+"webpack5@npm:webpack@5.69.1":
+  version "5.69.1"
+  resolved "https://registry.yarnpkg.com/webpack/-/webpack-5.69.1.tgz#8cfd92c192c6a52c99ab00529b5a0d33aa848dc5"
+  integrity sha512-+VyvOSJXZMT2V5vLzOnDuMz5GxEqLk7hKWQ56YxPW/PQRUuKimPqmEIJOx8jHYeyo65pKbapbW464mvsKbaj4A==
   dependencies:
     "@types/eslint-scope" "^3.7.3"
     "@types/estree" "^0.0.51"
@@ -20861,7 +20861,7 @@ webpack-bundle-analyzer@4.3.0:
     acorn-import-assertions "^1.7.6"
     browserslist "^4.14.5"
     chrome-trace-event "^1.0.2"
-    enhanced-resolve "^5.9.0"
+    enhanced-resolve "^5.8.3"
     es-module-lexer "^0.9.0"
     eslint-scope "5.1.1"
     events "^3.2.0"