Michelle Yeoh is nominated tonight for best actress for her performance in "Everything Everywhere All at Once." If Yeoh wins, she will be the first Asian woman to win the Oscar for best actress.

"Black Panther: Wakanda Forever" star Angela Bassett is also nominated tonight for best supporting actress. If she wins, she'll make history, winning Marvel's first acting Oscar.

Cinematographer Mandy Walker may also make history as the first woman to ever win an Oscar for best cinematography. Walker worked on the film "Elvis" and told "Good Morning America" last month that she's "proud to be representing women doing great work."

"The studios have been much more encouraging of being diverse," Walker said about the changing landscape of filmmaking today. "It's definitely changing, but it's slow."

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.

John Travolta introduced the "In Memoriam" performance.

"Since tonight is a celebration of the work and the accomplishments of our community in this past year, it is only fitting then that we celebrate those we've lost, who dedicated their lives to their craft, both in front of and behind the camera," he shared.

He added, "They've touched our hearts, they've made us smile and became dear friends who we will always remain hopelessly devoted to."

Lenny Kravitz then took the stage to deliver a heartfelt performance of his song "Calling All Angels." Some of the late artists honored included Angela Lansbury, Olivia Newton-John and Jean-Luc Godard.

An extended photo gallery of more than 200 filmmakers, executives and stars will be memorialized on A.frame, the academy's digital magazine.