diff --git a/packages/ngtools/webpack/package.json b/packages/ngtools/webpack/package.json
index 26e982955f8c..00a06e496452 100644
--- a/packages/ngtools/webpack/package.json
+++ b/packages/ngtools/webpack/package.json
@@ -24,7 +24,7 @@
   "peerDependencies": {
     "@angular/compiler-cli": "^14.0.0 || ^14.0.0-next",
     "typescript": "~4.6.2",
-    "webpack": "^5.30.0"
+    "webpack": "^5.54.0"
   },
   "devDependencies": {
     "@angular-devkit/core": "0.0.0-PLACEHOLDER",
diff --git a/packages/ngtools/webpack/src/ivy/plugin.ts b/packages/ngtools/webpack/src/ivy/plugin.ts
index aaaf00a20a7b..8f62358cc998 100644
--- a/packages/ngtools/webpack/src/ivy/plugin.ts
+++ b/packages/ngtools/webpack/src/ivy/plugin.ts
@@ -8,7 +8,6 @@
 
 import type { CompilerHost, CompilerOptions, NgtscProgram } from '@angular/compiler-cli';
 import { strict as assert } from 'assert';
-import { createHash } from 'crypto';
 import * as ts from 'typescript';
 import type { Compilation, Compiler, Module, NormalModule } from 'webpack';
 import { NgccProcessor } from '../ngcc_processor';
@@ -107,6 +106,7 @@ export class AngularWebpackPlugin {
   private builder?: ts.EmitAndSemanticDiagnosticsBuilderProgram;
   private sourceFileCache?: SourceFileCache;
   private webpackCache?: ReturnType<Compilation['getCache']>;
+  private webpackCreateHash?: Compiler['webpack']['util']['createHash'];
   private readonly fileDependencies = new Map<string, Set<string>>();
   private readonly requiredFilesToEmit = new Set<string>();
   private readonly requiredFilesToEmitCache = new Map<string, EmitFileResult | undefined>();
@@ -141,6 +141,7 @@ export class AngularWebpackPlugin {
   // eslint-disable-next-line max-lines-per-function
   apply(compiler: Compiler): void {
     const { NormalModuleReplacementPlugin, util } = compiler.webpack;
+    this.webpackCreateHash = util.createHash;
 
     // Setup file replacements with webpack
     for (const [key, value] of Object.entries(this.pluginOptions.fileReplacements)) {
@@ -745,9 +746,11 @@ export class AngularWebpackPlugin {
     filePath: string,
     content: string,
   ): Promise<FileEmitHistoryItem> {
+    assert.ok(this.webpackCreateHash, 'File emitter is used prior to Webpack compilation');
+
     const historyData: FileEmitHistoryItem = {
       length: content.length,
-      hash: createHash('md5').update(content).digest(),
+      hash: this.webpackCreateHash('xxhash64').update(content).digest() as Uint8Array,
     };
 
     if (this.webpackCache) {
diff --git a/packages/ngtools/webpack/src/resource_loader.ts b/packages/ngtools/webpack/src/resource_loader.ts
index 128ea1ca46d6..5219fd3dc812 100644
--- a/packages/ngtools/webpack/src/resource_loader.ts
+++ b/packages/ngtools/webpack/src/resource_loader.ts
@@ -6,7 +6,6 @@
  * found in the LICENSE file at https://angular.io/license
  */
 
-import { createHash } from 'crypto';
 import * as path from 'path';
 import * as vm from 'vm';
 import type { Asset, Compilation } from 'webpack';
@@ -100,6 +99,7 @@ export class WebpackResourceLoader {
     this._reverseDependencies.set(file, new Set(resources));
   }
 
+  // eslint-disable-next-line max-lines-per-function
   private async _compile(
     filePath?: string,
     data?: string,
@@ -111,6 +111,16 @@ export class WebpackResourceLoader {
       throw new Error('WebpackResourceLoader cannot be used without parentCompilation');
     }
 
+    const { context, webpack } = this._parentCompilation.compiler;
+    const {
+      EntryPlugin,
+      NormalModule,
+      library,
+      node,
+      sources,
+      util: { createHash },
+    } = webpack;
+
     const getEntry = (): string => {
       if (filePath) {
         return `${filePath}?${NG_COMPONENT_RESOURCE_QUERY}`;
@@ -122,7 +132,9 @@ export class WebpackResourceLoader {
         );
       } else if (data) {
         // Create a special URL for reading the resource from memory
-        return `angular-resource:${resourceType},${createHash('md5').update(data).digest('hex')}`;
+        return `angular-resource:${resourceType},${createHash('xxhash64')
+          .update(data)
+          .digest('hex')}`;
       }
 
       throw new Error(`"filePath", "resourceType" or "data" must be specified.`);
@@ -150,8 +162,6 @@ export class WebpackResourceLoader {
       },
     };
 
-    const { context, webpack } = this._parentCompilation.compiler;
-    const { EntryPlugin, NormalModule, library, node, sources } = webpack;
     const childCompiler = this._parentCompilation.createChildCompiler(
       'angular-compiler:resource',
       outputOptions,