Elle Fanning, for Sentimental Value, said hosts Danielle Brooks and Lewis Pullman, as they kicked off the nominations with the best supporting actress category.
Fanning's appearance got things off to a spicy start from the earliest possible moment - she had received praise for her performance in the Norwegian family drama but few had predicted a nomination.
The opening category set the tone for a string of snubs and surprises, which started coming thick and fast. Here are eight of the big takeaways.
1. Some hot favourites missed out
Although Hamnet and One Battle After Another did well, both had a slightly softer showing than expected in the acting categories.
Paul Mescal missed out on a supporting actor nod for Hamnet - a surprising omission, although we're confident it won't have much impact on his co-star Jessie Buckley's frontrunner status for best actress.
Meanwhile, four big actors from One Battle After Another were recognised, but its breakthrough star Chase Infiniti missed best actress despite being a red-hot contender.
It was an admittedly competitive category. But at 25 years old and with rave reviews for her performance in the film, we're pretty sure we haven't heard the last of her.
Other actors who had momentum but ended up missing included Jesse Plemons for Bugonia and Joel Edgerton for Train Dreams. But both of those movies made it into best picture - so the Academy clearly liked them overall.
2. F1 is a comfort-food movie
It wasn't exactly an outsider - many awards pundits expected it to pick up several below-the-line nominations for its impressive technical achievements. But the fact that it had enough momentum to propel it into best picture was a real show of strength.
3. Sinners were the big winners
Sinners scored a record-breaking 16 nominations, flying past the previous joint record holders La La Land, Titanic, and All About Eve, which got 14 each.
Ryan Coogler's vampire horror has done particularly well to maintain its momentum with voters, considering it was released last spring. Coogler also made headlines in the Hollywood trade publications last year for the deal he negotiated with Warner Brothers.
4. Wicked did not bewitch the Academy
The first Wicked film received 10 Oscar nominations and went on to win two. So it’s an extraordinary fall from grace for its sequel not to have gotten any nominations. This was largely expected, however.
5. The Brits showed up
Sinners didn’t just score the highest number of nominations; it also delivered the only two Brits to be nominated in the acting categories. Wunmi Mosaku and Delroy Lindo made it into best supporting actress and actor respectively.
6. Several actresses carried their films
Three actresses were nominated as the only recognition their film received, showcasing their standout performances.
7. New category is a mixed bag
The newly introduced casting category overlapped with many frontrunners. However, one film notably missed out on the casting nomination despite significant individual nods.
8. Timothée is even closer to greatness
Timothée Chalamet is poised to win his first Oscar this year, as the clear frontrunner in best actor for table-tennis drama Marty Supreme.
