Preventing Adversaries from Developing Critical Capabilities Act

This bill targets U.S. business activities that could help specific countries of concern (North Korea, China, Russia, and Iran) develop critical technologies. It requires the President to identify "covered sectors" (including semiconductors, artificial intelligence, quantum technology, hypersonics, and high-performance computing) and prohibit U.S. persons from engaging in certain activities involving these technologies with entities in countries of concern. The bill also mandates that U.S. persons submit notifications about certain activities involving these technologies, with requirements for public comment and transparency. It establishes reporting requirements for the President to Congress on implementation and impact, and includes provisions for national interest waivers.