diff --git a/Code/Framework/AzCore/AzCore/Asset/AssetInternal/WeakAsset.h b/Code/Framework/AzCore/AzCore/Asset/AssetInternal/WeakAsset.h
index 1384511e78..3d4fa6c50e 100644
--- a/Code/Framework/AzCore/AzCore/Asset/AssetInternal/WeakAsset.h
+++ b/Code/Framework/AzCore/AzCore/Asset/AssetInternal/WeakAsset.h
@@ -141,13 +141,17 @@ namespace AZ::Data::AssetInternal
 
         if (assetData)
         {
-            assetData->AcquireWeak();
+            // This should be AcquireWeak but we're using strong references for now to disable asset cancellation
+            // until it is more stable
+            assetData->Acquire();
             m_assetId = assetData->GetId();
         }
 
         if (m_assetData)
         {
-            m_assetData->ReleaseWeak();
+            // This should be ReleaseWeak but we're using strong references for now to disable asset cancellation
+            // until it is more stable
+            m_assetData->Release();
         }
 
         m_assetData = assetData;
diff --git a/Code/Framework/AzCore/Tests/Asset/AssetCommon.cpp b/Code/Framework/AzCore/Tests/Asset/AssetCommon.cpp
index d0e34487ea..c829821ca6 100644
--- a/Code/Framework/AzCore/Tests/Asset/AssetCommon.cpp
+++ b/Code/Framework/AzCore/Tests/Asset/AssetCommon.cpp
@@ -186,7 +186,8 @@ namespace UnitTest
         int GetWeakUseCount() { return m_weakUseCount.load(); }
     };
 
-    TEST_F(WeakAssetTest, WeakAsset_ConstructionAndDestruction_UpdatesAssetDataWeakRefCount)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(WeakAssetTest, DISABLED_WeakAsset_ConstructionAndDestruction_UpdatesAssetDataWeakRefCount)
     {
         TestAssetData testData;
         EXPECT_EQ(testData.GetWeakUseCount(), 0);
@@ -202,7 +203,8 @@ namespace UnitTest
         EXPECT_EQ(testData.GetWeakUseCount(), 0);
     }
 
-    TEST_F(WeakAssetTest, WeakAsset_MoveOperatorWithDifferentData_UpdatesOldAssetDataWeakRefCount)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(WeakAssetTest, DISABLED_WeakAsset_MoveOperatorWithDifferentData_UpdatesOldAssetDataWeakRefCount)
     {
         TestAssetData testData;
         EXPECT_EQ(testData.GetWeakUseCount(), 0);
@@ -217,7 +219,8 @@ namespace UnitTest
         AZ_TEST_STOP_TRACE_SUPPRESSION(1);
     }
 
-    TEST_F(WeakAssetTest, WeakAsset_MoveOperatorWithSameData_PreservesAssetDataWeakRefCount)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(WeakAssetTest, DISABLED_WeakAsset_MoveOperatorWithSameData_PreservesAssetDataWeakRefCount)
     {
         TestAssetData testData;
         EXPECT_EQ(testData.GetWeakUseCount(), 0);
@@ -234,7 +237,8 @@ namespace UnitTest
         AZ_TEST_STOP_TRACE_SUPPRESSION(1);
     }
 
-    TEST_F(WeakAssetTest, WeakAsset_AssignmentOperator_CopiesDataAndIncrementsWeakRefCount)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(WeakAssetTest, DISABLED_WeakAsset_AssignmentOperator_CopiesDataAndIncrementsWeakRefCount)
     {
         TestAssetData testData;
         EXPECT_EQ(testData.GetWeakUseCount(), 0);
diff --git a/Code/Framework/AzCore/Tests/Asset/AssetManagerLoadingTests.cpp b/Code/Framework/AzCore/Tests/Asset/AssetManagerLoadingTests.cpp
index 15f2b0bf86..34b6918400 100644
--- a/Code/Framework/AzCore/Tests/Asset/AssetManagerLoadingTests.cpp
+++ b/Code/Framework/AzCore/Tests/Asset/AssetManagerLoadingTests.cpp
@@ -2677,7 +2677,8 @@ namespace UnitTest
 #if AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     TEST_F(AssetManagerCancelTests, DISABLED_CancelLoad_NoReferences_LoadCancels)
 #else
-    TEST_F(AssetManagerCancelTests, CancelLoad_NoReferences_LoadCancels)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(AssetManagerCancelTests, DISABLED_CancelLoad_NoReferences_LoadCancels)
 #endif // AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     {
         m_assetHandlerAndCatalog->SetArtificialDelayMilliseconds(0, 100);
@@ -2717,7 +2718,8 @@ namespace UnitTest
 #if AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     TEST_F(AssetManagerCancelTests, DISABLED_CanceledLoad_CanBeLoadedAgainLater)
 #else
-    TEST_F(AssetManagerCancelTests, CanceledLoad_CanBeLoadedAgainLater)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(AssetManagerCancelTests, DISABLED_CanceledLoad_CanBeLoadedAgainLater)
 #endif // AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     {
         m_assetHandlerAndCatalog->SetArtificialDelayMilliseconds(0, 50);
@@ -2766,7 +2768,8 @@ namespace UnitTest
 #if AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     TEST_F(AssetManagerCancelTests, DISABLED_CancelLoad_InProgressLoad_Continues)
 #else
-    TEST_F(AssetManagerCancelTests, CancelLoad_InProgressLoad_Continues)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(AssetManagerCancelTests, DISABLED_CancelLoad_InProgressLoad_Continues)
 #endif // AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     {
         m_assetHandlerAndCatalog->SetArtificialDelayMilliseconds(0, 100);
@@ -2988,8 +2991,9 @@ namespace UnitTest
     TEST_F(AssetManagerClearAssetReferenceTests,
             DISABLED_ContainerLoadTest_AssetLosesAndGainsReferencesDuringLoadAndSuspendedRelease_AssetSuccessfullyFinishesLoading)
 #else
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
     TEST_F(AssetManagerClearAssetReferenceTests,
-            ContainerLoadTest_AssetLosesAndGainsReferencesDuringLoadAndSuspendedRelease_AssetSuccessfullyFinishesLoading)
+            DISABLED_ContainerLoadTest_AssetLosesAndGainsReferencesDuringLoadAndSuspendedRelease_AssetSuccessfullyFinishesLoading)
 #endif // AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
 {
         // Start the load and wait for the dependent asset to hit the loading state.
@@ -3046,7 +3050,8 @@ namespace UnitTest
 #if AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     TEST_F(AssetManagerClearAssetReferenceTests, DISABLED_ContainerLoadTest_RootAssetDestroyedWhileContainerLoading_ContainerFinishesLoad)
 #else
-    TEST_F(AssetManagerClearAssetReferenceTests, ContainerLoadTest_RootAssetDestroyedWhileContainerLoading_ContainerFinishesLoad)
+    // Asset cancellation is temporarily disabled, re-enable this test when cancellation is more stable
+    TEST_F(AssetManagerClearAssetReferenceTests, DISABLED_ContainerLoadTest_RootAssetDestroyedWhileContainerLoading_ContainerFinishesLoad)
 #endif // AZ_TRAIT_DISABLE_FAILED_ASSET_MANAGER_TESTS
     {
         OnAssetReadyListener assetStatus1(DependentPreloadAssetId, azrtti_typeid<AssetWithAssetReference>());