Telluride Film Festival Takeaways: Julianne Moore, Nathan Fielder, and the Oscar Race Heats Up

As the Telluride Film Festival concluded, industry observers descended from the mountain with a clearer picture of the upcoming Academy Awards race. While Christopher Nolan’s mythological epic “The Odyssey” remains the film to beat, several other titles have emerged as formidable contenders. Among the most notable developments are the strong performances of Julianne Moore and Paul Giamatti in Jesse Eisenberg’s directorial debut, Nathan Fielder’s audacious documentary experiment, and John Malkovich’s potential return to Best Actor contention.

Jesse Eisenberg’s third feature, “The Debut,” premiered Saturday night and quickly became one of the festival’s most sought-after titles. The film centers on Mona, played by Julianne Moore, a suburban homemaker who lands a small role in a community theater musical. Moore’s performance has been hailed as the funniest and warmest of her recent career, positioning her firmly at the forefront of the Best Actress race. She previously won an Oscar for “Still Alice.” Paul Giamatti stars as the tyrannical director opposite her, delivering what critics are calling the most relaxed work of his late career. A rehearsal scene between the two earned standing ovations from the audience mid-screening—a rare occurrence at festivals—and again before the credits rolled. Giamatti, previously nominated for “Cinderella Man” and “The Holdovers,” is now viewed as a strong sentimental pick for Best Supporting Actor. Additionally, Eisenberg wrote seven songs for the fictional musical, with Moore’s performance of “This City May Have Chewed Me Up (But It Hasn’t Spit Me Out)” likely to launch a campaign for Best Original Song.

In the documentary category, Nathan Fielder and co-director Lance Oppenheim presented “You Can See Everything,” a film about Elizabeth Holmes that has become the festival’s best-kept secret. The project began with Holmes inviting Fielder to film the 34 days preceding her prison sentence, but the shoot ultimately spiraled into a three-year exploration. Portions of the documentary feature recreations with an A-list actor eligible for Oscar attention, though not SAG awards. The documentary branch faces a unique challenge: voters who favor observational or sincere nonfiction may bristle at Fielder’s highly present and implicated filmmaking style. However, the circus surrounding Fielder guarantees significant coverage, raising the question of whether the branch will reward such an unconventional approach.

Jordan Firstman’s directorial debut, “Club Kid,” also surprised many by resonating strongly with older Academy voters. Firstman writes, directs, and stars as Peter, a washed-up New York party promoter whose life changes when his 10-year-old son appears at his door. Veteran actor Colleen Camp praised Firstman’s ability to blend humor and drama, noting that his comedic background allowed for brilliant irony even in the film’s most dramatic moments. Firstman revealed that his script evolved over two years as he shot in real queer spaces in New York, deepening his empathy for the community. The film’s emotional core was summarized by Firstman with a single word delivered during the post-screening panel: “love.”

Spanish directors Javier Calvo and Javier Ambrossi arrived at Telluride following a successful run at Cannes, where they won the directing prize. Their film “La Bola Negra,” shot on 35 mm and inspired by Federico García Lorca’s unfinished work, traces three generations of gay men across Spanish history from 1932 to 2017. The film attracted high-profile attendees including Chris Pine, Sofia Coppola, Rian Johnson, and Danny Boyle. As a subtitled Netflix release, it is seen as a major contender in the International Feature race, though the streamer is reportedly aiming higher. The film played exceptionally well despite the absence of stars Guitarricadelafuente and Penélope Cruz from the mountain.

From Searchlight Pictures, Martin McDonagh’s “Wild Horse Nine” transitioned smoothly from its Venice premiere to its Telluride screening, where it served as the surprise patron screening timed to John Malkovich’s Silver Medallion tribute. The film received a 13-minute standing ovation in Venice. Malkovich, twice previously nominated and never a winner, called the script something seen only “every 25 years.” He is now positioned near the front of the Best Actor race, trailing only Matt Damon in “The Odyssey” and Andrew Scott in “Elsinore.” Sam Rockwell, who won Best Supporting Actor for his last collaboration with McDonagh, is back in contention, with Steve Buscemi potentially joining him.

Mike Leigh’s “Tender Loving Care” offered a poignant look at social workers, built without a script through months of collaborative development with actors. Marion Bailey described Leigh’s intuitive casting process, noting he sought performers with a strong sense of humor. The film serves as a dedication to the late cinematographer Dick Pope, with Lucy Kirby succeeding him on camera. Producer Georgina Lowe shared that both Pope and Leigh had independently envisioned Kirby taking over the role. Actor Paul Jesson framed the film as a vital antidote to a world dominated by bullies, emphasizing the importance of caring for those close to us. Whether this marks Leigh’s final film, it stands as a powerful testament to his craft and a compelling entry in the awards conversation.