php artisan command very very slow after composer update - laravel

Question

My php artisan command is very slow after running composer update. When i revert back and only do composer install, my php command runs fine. CLI cpu usage is around 50% and it takes around 30-40 seconds to complete php artisan. Normally this takes max 2 seconds.
I've tried the following commands in order after composer update:
php artisan cache:clear
php artisan config:clear
php artisan route:clear
php artisan view:clear
php artisan clear-compiled
composer dumpautoload
My composer.json looks like this:
{
"name": "factory/api",
"type": "project",
"description": "API",
"keywords": [
"framework",
"laravel"
],
"license": "MIT",
"require": {
"php": "8.1.*",
"ext-curl": "*",
"ext-json": "*",
"aws/aws-sdk-php-laravel": "~3.0",
"coin/sdk": "^2.0",
"fideloper/proxy": "^4.4",
"fruitcake/laravel-cors": "^2.0",
"guzzlehttp/guzzle": "^7.4",
"laravel/framework": "^8.12"
},
"require-dev": {
"barryvdh/laravel-ide-helper": "^2.13",
"facade/ignition": "^2.5",
"fakerphp/faker": "^1.9.1",
"laravel/sail": "^1.0.1",
"laravel/tinker": "^2.5",
"mockery/mockery": "^1.4.2",
"nunomaduro/collision": "^5.0",
"phpunit/phpunit": "^9.3.3"
},
"config": {
"optimize-autoloader": true,
"preferred-install": "dist",
"sort-packages": true
},
"extra": {
"laravel": {
"dont-discover": [
]
}
},
"autoload": {
"psr-4": {
"App\\": "app/",
"Database\\Factories\\": "database/factories/",
"Database\\Seeders\\": "database/seeders/"
}
},
"autoload-dev": {
"psr-4": {
"Tests\\": "tests/"
}
},
"minimum-stability": "dev",
"prefer-stable": true,
"scripts": {
"post-autoload-dump": [
"Illuminate\\Foundation\\ComposerScripts::postAutoloadDump",
"#php artisan package:discover --ansi"
],
"post-root-package-install": [
"#php -r \"file_exists('.env') || copy('.env.example', '.env');\""
],
"post-create-project-cmd": [
"#php artisan key:generate --ansi"
]
}
}