On the $p$-adic theory of local models

Abstract: We prove the Scholze--Weinstein conjecture on the existence and uniqueness of local models of local Shimura varieties and the test function conjecture of Haines--Kottwitz in this setting. In order to achieve this, we establish the specialization principle for well-behaved $p$-adic kimberlites, show that these include the v-sheaf local models, determine their special fibers using hyperbolic localization for the \'etale cohomology of small v-stacks and analyze the resulting specialization morphism using convolution.