I'm really out of touch, but at first glance, I see a lot of the standard 'blocks' fighting with each other:
Instead of a single prestige sci-fi movie (Dune, Inception) that racks up nominations but just sweeps the technical categories, you have Everything Everywhere and Avatar fighting each other (with sniping by Black Panther).
You have the (european) language block (All Quiet) fighting with the Hollywood nostalgia block (Fablemans).
And as odd as nearly every actor in Everything getting nominated (except for poor James Hong), I could see none of them winning - Yeoh loses to Blanchett, Hsu and Curtis lose to Angela Bassett, and Quan (probably the best shot) losing to Gleeson or even Hirsch.