Fraser was already touted as an Oscar contender when Darren Aronofsky’s psychological thriller premiered at last summer’s Venice Film Festival.

This makes her the first Asian woman to win in the category.

Both movies were in the running for the coveted best picture prize at the Academy Awards, where celebrities gathered to celebrate a year that brought crowds back to theaters.

While the best picture race has a clear favourite, the acting contests are incredibly tight.

'Everything Everywhere All at Once' has dominated nearly every awards show in Hollywood, with its charismatic, predominantly Asian stars becoming the feel-good story of the season.

Smith is also not permitted to attend any other events held by the Academy of Motion Picture Arts and Sciences over the next decade.

The standing ovation Smith received for his Oscar win has been heavily criticised, with accusations that Hollywood did not take the assault seriously.

Will Smith shocked the entertainment world by mounting the stage during the live broadcast of the Oscars and hitting Rock over a joke about the actor's wife.

Will Smith, in a post on Instagram, said his behavior at the televised ceremony was 'unacceptable and inexcusable.'

Rock had cracked a joke comparing Jada Pinkett Smith's tightly cropped hair to Demi Moore's appearance in the film 'GI Jane' and suggesting she appear in a sequel.