diff --git a/.actions/assistant.py b/.actions/assistant.py
index f54d828f5dd21..1956a17a16c9a 100644
--- a/.actions/assistant.py
+++ b/.actions/assistant.py
@@ -234,7 +234,7 @@ def _download_frontend(pkg_path: str, version: str = "v0.0.0"):
         response = urllib.request.urlopen(frontend_release_url)
 
         file = tarfile.open(fileobj=response, mode="r|gz")
-        file.extractall(path=download_dir)
+        file.extractall(path=download_dir)  # noqa: S202
 
         shutil.move(download_dir, frontend_dir)
         print("The Lightning UI has successfully been downloaded!")
@@ -457,7 +457,7 @@ def pull_docs_files(
                 raise RuntimeError(f"Requesting file '{zip_url}' does not exist or it is just unavailable.")
 
             with zipfile.ZipFile(zip_file, "r") as zip_ref:
-                zip_ref.extractall(tmp)
+                zip_ref.extractall(tmp)  # noqa: S202
 
             zip_dirs = [d for d in glob.glob(os.path.join(tmp, "*")) if os.path.isdir(d)]
             # check that the extracted archive has only repo folder
diff --git a/docs/source-pytorch/extensions/strategy.rst b/docs/source-pytorch/extensions/strategy.rst
index 2dd69859dd1a1..b62013dfbc9b1 100644
--- a/docs/source-pytorch/extensions/strategy.rst
+++ b/docs/source-pytorch/extensions/strategy.rst
@@ -77,7 +77,7 @@ The below table lists all relevant strategies available in Lightning with their
      - Strategy for multi-process single-device training on one or multiple nodes. :ref:`Learn more. <accelerators/gpu_intermediate:Distributed Data Parallel>`
    * - ddp_spawn
      - :class:`~lightning.pytorch.strategies.DDPStrategy`
-     - Same as "ddp" but launches processes using :func:`torch.multiprocessing.spawn` method and joins processes after training finishes. :ref:`Learn more. <accelerators/gpu_intermediate:Distributed Data Parallel Spawn>`
+     - Same as "ddp" but launches processes using ``torch.multiprocessing.spawn`` method and joins processes after training finishes. :ref:`Learn more. <accelerators/gpu_intermediate:Distributed Data Parallel Spawn>`
    * - deepspeed
      - :class:`~lightning.pytorch.strategies.DeepSpeedStrategy`
      - Provides capabilities to run training using the DeepSpeed library, with training optimizations for large billion parameter models. :doc:`Learn more. <../advanced/model_parallel/deepspeed>`
diff --git a/examples/app/hpo/utils.py b/examples/app/hpo/utils.py
index 9d27c726b0e5e..a07ae73f8fd3e 100644
--- a/examples/app/hpo/utils.py
+++ b/examples/app/hpo/utils.py
@@ -48,7 +48,7 @@ def extract_tarfile(file_path: str, extract_path: str, mode: str):
     if ".zip" in local_filename:
         if os.path.exists(local_filename):
             with zipfile.ZipFile(local_filename, "r") as zip_ref:
-                zip_ref.extractall(path)
+                zip_ref.extractall(path)  # noqa: S202
     elif local_filename.endswith(".tar.gz") or local_filename.endswith(".tgz"):
         extract_tarfile(local_filename, path, "r:gz")
     elif local_filename.endswith(".tar.bz2") or local_filename.endswith(".tbz"):
diff --git a/pyproject.toml b/pyproject.toml
index 83d5b2e76e2c8..cf609493b40a1 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -79,6 +79,7 @@ ignore-init-module-imports = true
 ".actions/*" = ["S101", "S310"]
 "setup.py" = ["S101"]
 "examples/**" = [
+    "F841",  # Local variable is assigned to but never used
     "S101",  # Use of `assert` detected
     "S113",  # todo: Probable use of requests call without
     "S104",  # Possible binding to all interface
@@ -88,6 +89,7 @@ ignore-init-module-imports = true
     "S108",  # Probable insecure usage of temporary file or directory: "/tmp/data/MNIST"
 ]
 "src/**" = [
+    "F841",  # Local variable is assigned to but never used
     "S101",  # todo: Use of `assert` detected
     "S105", "S106", "S107",  # todo: Possible hardcoded password: ...
     "S113",  # todo: Probable use of requests call without timeout
@@ -103,12 +105,14 @@ ignore-init-module-imports = true
     "RET503",
 ]
 "tests/**" = [
+    "F841",  # Local variable is assigned to but never used
     "S101",  # Use of `assert` detected
     "S105", "S106",  # todo: Possible hardcoded password: ...
     "S301",  # `pickle` and modules that wrap it can be unsafe when used to deserialize untrusted data, possible security issue
     "S113",  # todo: Probable use of requests call without timeout
     "S311",  # todo: Standard pseudo-random generators are not suitable for cryptographic purposes
     "S108",  # todo: Probable insecure usage of temporary file or directory: "/tmp/sys-customizations-sync"
+    "S202",  # Uses of `tarfile.extractall()`
     "S403",  # `pickle`, `cPickle`, `dill`, and `shelve` modules are possibly insecure
     "S404",  # `subprocess` module is possibly insecure
     "S602",  # todo: `subprocess` call with `shell=True` identified, security issue
diff --git a/src/lightning/app/CHANGELOG.md b/src/lightning/app/CHANGELOG.md
index a06951c327c29..3bad6f982032b 100644
--- a/src/lightning/app/CHANGELOG.md
+++ b/src/lightning/app/CHANGELOG.md
@@ -5,6 +5,13 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 
+## [2.1.4] - 2024-01-31
+
+### Changed
+
+- Remove torch distributed for the Dataset Optimizer ([#19182](https://github.com/Lightning-AI/lightning/pull/19182))
+
+
 ## [2.1.3] - 2023-12-21
 
 ### Changed
diff --git a/src/lightning/app/cli/cmd_pl_init.py b/src/lightning/app/cli/cmd_pl_init.py
index b59ac93280e6c..2436c28179ef2 100644
--- a/src/lightning/app/cli/cmd_pl_init.py
+++ b/src/lightning/app/cli/cmd_pl_init.py
@@ -121,7 +121,7 @@ def download_frontend(destination: Path) -> None:
     with TemporaryDirectory() as download_dir:
         response = urllib.request.urlopen(url)  # noqa: S310
         file = tarfile.open(fileobj=response, mode="r|gz")
-        file.extractall(path=download_dir)
+        file.extractall(path=download_dir)  # noqa: S202
         shutil.move(str(Path(download_dir, build_dir_name)), destination)
 
 
diff --git a/src/lightning/app/plugin/plugin.py b/src/lightning/app/plugin/plugin.py
index 6f5d7fce72434..68bcec0ed22e3 100644
--- a/src/lightning/app/plugin/plugin.py
+++ b/src/lightning/app/plugin/plugin.py
@@ -154,7 +154,7 @@ def _run_plugin(run: _Run) -> Dict[str, Any]:
             logger.info("Extracting plugin source.")
 
             with tarfile.open(download_path, "r:gz") as tf:
-                tf.extractall(source_path)
+                tf.extractall(source_path)  # noqa: S202
         except Exception as ex:
             raise HTTPException(
                 status_code=status.HTTP_500_INTERNAL_SERVER_ERROR,
diff --git a/src/lightning/app/storage/drive.py b/src/lightning/app/storage/drive.py
index 892b0b1c7f91e..b3f5f8f56726c 100644
--- a/src/lightning/app/storage/drive.py
+++ b/src/lightning/app/storage/drive.py
@@ -334,7 +334,7 @@ def __str__(self) -> str:
 
 
 def _maybe_create_drive(component_name: str, state: Dict) -> Union[Dict, Drive]:
-    if state.get("type", None) == Drive.__IDENTIFIER__:
+    if state.get("type") == Drive.__IDENTIFIER__:
         drive = Drive.from_dict(state)
         drive.component_name = component_name
         return drive
diff --git a/src/lightning/app/utilities/packaging/cloud_compute.py b/src/lightning/app/utilities/packaging/cloud_compute.py
index ab6b05e4004b4..e4f30aee14a63 100644
--- a/src/lightning/app/utilities/packaging/cloud_compute.py
+++ b/src/lightning/app/utilities/packaging/cloud_compute.py
@@ -156,7 +156,7 @@ def from_dict(cls, d: dict) -> "CloudCompute":
                 f"mounts argument must be one of [None, Mount, List[Mount]], "
                 f"received {mounts} of type {type(mounts)}"
             )
-        _verify_mount_root_dirs_are_unique(d.get("mounts", None))
+        _verify_mount_root_dirs_are_unique(d.get("mounts"))
         return cls(**d)
 
     @property
@@ -183,6 +183,6 @@ def _verify_mount_root_dirs_are_unique(mounts: Union[None, Mount, List[Mount], T
 
 
 def _maybe_create_cloud_compute(state: Dict) -> Union[CloudCompute, Dict]:
-    if state and state.get("type", None) == __CLOUD_COMPUTE_IDENTIFIER__:
+    if state and state.get("type") == __CLOUD_COMPUTE_IDENTIFIER__:
         return CloudCompute.from_dict(state)
     return state
diff --git a/src/lightning/app/utilities/packaging/lightning_utils.py b/src/lightning/app/utilities/packaging/lightning_utils.py
index e8846b382e49e..4dbba499625eb 100644
--- a/src/lightning/app/utilities/packaging/lightning_utils.py
+++ b/src/lightning/app/utilities/packaging/lightning_utils.py
@@ -52,7 +52,7 @@ def download_frontend(root: str = _PROJECT_ROOT):
     response = urllib.request.urlopen(LIGHTNING_FRONTEND_RELEASE_URL)  # noqa: S310
 
     file = tarfile.open(fileobj=response, mode="r|gz")
-    file.extractall(path=download_dir)
+    file.extractall(path=download_dir)  # noqa: S202
 
     shutil.move(os.path.join(download_dir, build_dir), frontend_dir)
     print("The Lightning UI has successfully been downloaded!")
diff --git a/src/lightning/data/CHANGELOG.md b/src/lightning/data/CHANGELOG.md
index e76152c358297..cb560ea1a5002 100644
--- a/src/lightning/data/CHANGELOG.md
+++ b/src/lightning/data/CHANGELOG.md
@@ -5,6 +5,34 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 
+## [2.1.4] - 2024-01-31
+
+### Added
+
+- Added support for nested folders in map operator ([#19366](https://github.com/Lightning-AI/lightning/pull/19366))
+- Added support for weights to evenly distributed works among workers for map operator ([#19365](https://github.com/Lightning-AI/lightning/pull/19365))
+- Added profiling support to StreamingDataloader ([#19338](https://github.com/Lightning-AI/lightning/pull/19338))
+- Allow any AWS authentication method in studios ([#19336](https://github.com/Lightning-AI/lightning/pull/19336))
+- Added walk operator #19333
+- Added intra node shuffling to accelerate second epoch in StreamingDataset ([#19296](https://github.com/Lightning-AI/lightning/pull/19296))
+- Enabled map over inputs without files input ([#19285](https://github.com/Lightning-AI/lightning/pull/19285))
+- Added Fault Tolerance v2 ([#19196](https://github.com/Lightning-AI/lightning/pull/19196), [#19201](https://github.com/Lightning-AI/lightning/pull/19201))
+
+### Changed
+
+- Switched map operator arguments order ([#19345](https://github.com/Lightning-AI/lightning/pull/19345))
+- Removed torch distributed for the Dataset Optimizer ([#19182](https://github.com/Lightning-AI/lightning/pull/19182))
+- Remove `__len__` from CombinedStreamingDataset ([#19321](https://github.com/Lightning-AI/lightning/pull/19321))
+
+### Fixed
+
+- Fixed race condition in downloader ([#19348](https://github.com/Lightning-AI/lightning/pull/19348))
+- Fixed serializer `io.bytes` image in JPEGSerializer ([#19369](https://github.com/Lightning-AI/lightning/pull/19369))
+- Fixed several bugs found in Studio Data Processor ([#19309](https://github.com/Lightning-AI/lightning/pull/19309))
+- Fixed handling queue errors in streaming dataset reader ([#19167](https://github.com/Lightning-AI/lightning/pull/19167))
+- Fixed chunks eviction in StreamingDataset ([#19214](https://github.com/Lightning-AI/lightning/pull/19214))
+
+
 ## [2.1.3] - 2023-12-21
 
 ### Added
diff --git a/src/lightning/fabric/CHANGELOG.md b/src/lightning/fabric/CHANGELOG.md
index fa63512b13f82..0db98ed2f2ee2 100644
--- a/src/lightning/fabric/CHANGELOG.md
+++ b/src/lightning/fabric/CHANGELOG.md
@@ -5,6 +5,14 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 
+## [2.1.4] - 2024-01-31
+
+### Fixed
+
+- Fixed an issue preventing Fabric to run on CPU when the system's CUDA driver is outdated or broken ([#19234](https://github.com/Lightning-AI/lightning/pull/19234))
+- Fixed typo in kwarg in SpikeDetection ([#19282](https://github.com/Lightning-AI/lightning/pull/19282))
+
+
 ## [2.1.3] - 2023-12-21
 
 ### Fixed
diff --git a/src/lightning/fabric/strategies/launchers/subprocess_script.py b/src/lightning/fabric/strategies/launchers/subprocess_script.py
index 5ce37e1212033..f925460162234 100644
--- a/src/lightning/fabric/strategies/launchers/subprocess_script.py
+++ b/src/lightning/fabric/strategies/launchers/subprocess_script.py
@@ -160,10 +160,11 @@ def _basic_subprocess_cmd() -> Sequence[str]:
 
 
 def _hydra_subprocess_cmd(local_rank: int) -> Tuple[Sequence[str], str]:
-    import __main__  # local import to avoid https://github.com/Lightning-AI/lightning/issues/15218
     from hydra.core.hydra_config import HydraConfig
     from hydra.utils import get_original_cwd, to_absolute_path
 
+    import __main__  # local import to avoid https://github.com/Lightning-AI/lightning/issues/15218
+
     # when user is using hydra find the absolute path
     if __main__.__spec__ is None:  # pragma: no-cover
         command = [sys.executable, to_absolute_path(sys.argv[0])]
diff --git a/src/lightning/pytorch/CHANGELOG.md b/src/lightning/pytorch/CHANGELOG.md
index 4506a82c0114d..cfc766a5916f5 100644
--- a/src/lightning/pytorch/CHANGELOG.md
+++ b/src/lightning/pytorch/CHANGELOG.md
@@ -5,6 +5,19 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 
+## [2.1.4] - 2024-01-31
+
+### Fixed
+
+- Fixed `Trainer` not expanding the `default_root_dir` if it has the `~` (home) prefix ([#19179](https://github.com/Lightning-AI/lightning/pull/19179))
+- Fixed warning for Dataloader if `num_workers=1` and CPU count is 1 ([#19224](https://github.com/Lightning-AI/lightning/pull/19224))
+- Fixed `WandbLogger.watch()` method annotation to accept `None` for the log parameter ([#19237](https://github.com/Lightning-AI/lightning/pull/19237))
+- Fixed an issue preventing the Trainer to run on CPU when the system's CUDA driver is outdated or broken ([#19234](https://github.com/Lightning-AI/lightning/pull/19234))
+- Fixed an issue with the ModelCheckpoint callback not saving relative symlinks with `ModelCheckpoint(save_last="link")` ([#19303](https://github.com/Lightning-AI/lightning/pull/19303))
+- Fixed issue where the `_restricted_classmethod_impl` would incorrectly raise a TypeError on inspection rather than on call ([#19332](https://github.com/Lightning-AI/lightning/pull/19332))
+- Fixed exporting `__version__` in `__init__` ([#19221](https://github.com/Lightning-AI/lightning/pull/19221))
+
+
 ## [2.1.3] - 2023-12-21
 
 ### Changed
@@ -23,9 +36,6 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 - Fixed the tensor conversion in `self.log` to respect the default dtype ([#19046](https://github.com/Lightning-AI/lightning/issues/19046))
 
 
-- Fixed `Trainer` not expanding the `default_root_dir` if it has the `~` (home) prefix ([#19179](https://github.com/Lightning-AI/lightning/pull/19179))
-
-
 ## [2.1.2] - 2023-11-15
 
 ### Fixed
diff --git a/src/lightning/pytorch/utilities/model_helpers.py b/src/lightning/pytorch/utilities/model_helpers.py
index 928f899ddfbc7..4b455451891c5 100644
--- a/src/lightning/pytorch/utilities/model_helpers.py
+++ b/src/lightning/pytorch/utilities/model_helpers.py
@@ -14,7 +14,7 @@
 import functools
 import inspect
 import os
-from typing import TYPE_CHECKING, Any, Callable, Dict, Generic, Optional, Type, TypeVar
+from typing import TYPE_CHECKING, Any, Callable, Generic, Optional, Type, TypeVar
 
 from lightning_utilities.core.imports import RequirementCache
 from torch import nn
diff --git a/src/version.info b/src/version.info
index ac2cdeba0137a..7d2ed7c702057 100644
--- a/src/version.info
+++ b/src/version.info
@@ -1 +1 @@
-2.1.3
+2.1.4
diff --git a/tests/tests_app/core/test_lightning_app.py b/tests/tests_app/core/test_lightning_app.py
index d529b373e4df0..452e66793cf18 100644
--- a/tests/tests_app/core/test_lightning_app.py
+++ b/tests/tests_app/core/test_lightning_app.py
@@ -1115,7 +1115,7 @@ def __init__(self, flow):
 def test_cloud_compute_binding():
     cloud_compute.ENABLE_MULTIPLE_WORKS_IN_NON_DEFAULT_CONTAINER = True
 
-    assert {} == cloud_compute._CLOUD_COMPUTE_STORE
+    assert cloud_compute._CLOUD_COMPUTE_STORE == {}
     flow = FlowCC()
     assert len(cloud_compute._CLOUD_COMPUTE_STORE) == 2
     assert cloud_compute._CLOUD_COMPUTE_STORE["default"].component_names == ["root.work_c"]
diff --git a/tests/tests_pytorch/strategies/test_fsdp.py b/tests/tests_pytorch/strategies/test_fsdp.py
index c21c11d499492..a5fe13f505e94 100644
--- a/tests/tests_pytorch/strategies/test_fsdp.py
+++ b/tests/tests_pytorch/strategies/test_fsdp.py
@@ -114,7 +114,7 @@ def __init__(self, wrap_min_params: int = 2):
 
         self.save_hyperparameters()
         self.layer = torch.nn.Sequential(torch.nn.Linear(32, 32), torch.nn.ReLU(), torch.nn.Linear(32, 2))
-        self.should_be_wrapped = [(32 * 32 + 32) > wrap_min_params, None, (32 * 2 + 2) > wrap_min_params]
+        self.should_be_wrapped = [wrap_min_params < (32 * 32 + 32), None, wrap_min_params < (32 * 2 + 2)]
 
     def configure_optimizers(self):
         parameters = self.parameters() if _TORCH_GREATER_EQUAL_2_0 else self.trainer.model.parameters()
diff --git a/tests/tests_pytorch/utilities/test_model_helpers.py b/tests/tests_pytorch/utilities/test_model_helpers.py
index 5d7321fe324a3..99dd814e5de87 100644
--- a/tests/tests_pytorch/utilities/test_model_helpers.py
+++ b/tests/tests_pytorch/utilities/test_model_helpers.py
@@ -12,7 +12,6 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 import inspect
-import logging
 
 import pytest
 from lightning.pytorch import LightningDataModule