2023 Oscars recap: Biggest wins, all the star-studded performances and more

Many of Hollywood’s biggest stars have hit the carpet at the 95th Academy Awards.

Best actress nominee Ana de Armas arrived on the champagne carpet in a diamond-encrusted Louis Vuitton mermaid gown with 3D scalloped petals, while best supporting actress nominee Jamie Lee Curtis of “Everything Everywhere All at Once” hit the carpet in a diamond-studded Dolce & Gabbana gown.

Also keeping up with the diamond theme was Oscars presenter and last year’s supporting actress Academy Award winner Ariana DeBose, who donned a sparkling white custom Versace gown with silver embellishments.

Actor Brendan Fraser, who is Oscar-nominated for his lead performance in “The Whale,” arrived on the carpet in a classic tuxedo with his kids by his side, while his co-star and fellow Oscar nominee Hong Chau arrived in a pink custom Prada dress with a black train.

Best supporting actress nominee Angela Bassett was all smiles as she hit the champagne carpet in a royal purple gown by Moschino.

We’re monitoring all of the night’s standout looks here.

Daniel Kwan and Daniel Scheinert's "Everything Everywhere All at Once" leads the nominations this year with 11 nods, including best director and best picture.

Also nominated for best picture are "All Quiet on the Western Front" and "The Banshees of Inisherin," which have nine nominations each. "The Fabelmans," "Triangle of Sadness," "Tár," "Women Talking," and box-office hits "Elvis," "Avatar: The Way of Water" and "Top Gun: Maverick" are also all vying for the top prize.

Colin Farrell ("The Banshees of Inisherin"), Brendan Fraser ("The Whale"), Paul Mescal ("Aftersun") and Bill Nighy ("Living") are among the best actor in a leading role nominees, but critics think Austin Butler will take home the prize for his performance as the king of rock 'n' roll in Baz Luhrmann's "Elvis."

Cate Blanchett and Michelle Yeoh are favorites to win the best actress Oscar for their roles in "Tár" and "Everything Everywhere All at Once," respectively. Other stars competing in the category include Ana de Armas for "Blonde," Andrea Riseborough for "To Leslie" and Michelle Williams for "The Fabelmans."

Read Peter Travers' Oscars predictions here.

Earlier this week, the new carpet’s champagne color was unveiled at Ovation Hollywood.

A source told “GMA” that the carpet, which was designed by Lisa Love and Raul Ávila, is “Hollywood luxe” to reflect a more modern glam look.

Expect many famous faces to appear onstage during tonight’s telecast.

In the weeks leading up to the awards show, the academy revealed Dwayne Johnson, Michael B. Jordan, Riz Ahmed, Emily Blunt, Harrison Ford, John Travolta, Jessica Chastain and more would be presenters at the 95th Oscars.

There are also plenty of performances to look forward to during tonight’s show from artists nominated in the best original song category.

Sofia Carson and Diane Warren will perform their nominated song "Applause" from "Tell It Like a Woman," Rahul Sipligunj and Kaala Bhairava will make their Oscars performance debut singing "Naatu Naatu" from "RRR," David Byrne, Son Lux and Stephanie Hsu will perform "This Is A Life" from "Everything Everywhere All at Once," and Rihanna will also take the stage to perform "Lift Me Up" from "Black Panther: Wakanda Forever."

Sources with direct knowledge tell ABC News that Lady Gaga will also perform her nominated song "Hold My Hand" from "Top Gun: Maverick.”