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Kottwitz’s conjecture describes the contribution of a supercuspidal representation to the cohomology of a local Shimura variety in terms of the local Langlands correspondence. A natural extension of this conjecture concerns Scholze’s more general spaces of local shtukas. Using a new Lefschetz–Verdier trace formula for v-stacks, we prove the extended conjecture, disregarding the action of the Weil group, and modulo a virtual representation whose character vanishes on the locus of elliptic elements. As an application, we show that, for an irreducible smooth representation of an inner form of GLn, the L-parameter constructed by Fargues–Scholze agrees with the usual semisimplified parameter arising from local Langlands. 

We show that, in good residual characteristic, most supercuspidal representations of a tamely ramified reductive p-adic group G arise from pairs (S,\theta), where S is a tame elliptic maximal torus of G, and \theta is a character of S satisfying a simple root-theoretic property. We then give a new expression for the roots of unity that appear in the Adler-DeBacker-Spice character formula for these supercuspidal representations and use it to show that this formula bears a striking resemblance to the character formula for discrete series representations of real reductive groups. Led by this, we explicitly construct the local Langlands correspondence for these supercuspidal representations and prove stability and endoscopic transfer in the case of toral representations. In large residual characteristic this gives a construction of the local Langlands correspondence for almost all supercuspidal representations of reductive p-adic groups.