  Following the idea of [Far16], we develop the foundations of the geometric
Langlands program on the Fargues--Fontaine curve. In particular, we define a
category of $\ell$-adic sheaves on the stack $\mathrm{Bun}_G$ of $G$-bundles on
the Fargues--Fontaine curve, prove a geometric Satake equivalence over the
Fargues--Fontaine curve, and study the stack of $L$-parameters. As
applications, we prove finiteness results for the cohomology of local Shimura
varieties and general moduli spaces of local shtukas, and define $L$-parameters
associated with irreducible smooth representations of $G(E)$, a map from the
spectral Bernstein center to the Bernstein center, and the spectral action of
the category of perfect complexes on the stack of $L$-parameters on the
category of $\ell$-adic sheaves on $\mathrm{Bun}_G$.
