To amend the National Artificial Intelligence Initiative Act of 2020 to require the Director of the Office of Science and Technology Policy to establish a prize competition program relating to artificial intelligence, and for other purposes.

This bill directs the Director of the Office of Science and Technology Policy to create a prize competition program designed to accelerate artificial intelligence research and development in the United States. The program will focus on specific challenges such as improving computing hardware, enhancing AI safety, advancing manufacturing, and securing critical infrastructure, with priorities set in consultation with industry and academia. Federal agencies like the Department of Commerce and the National Science Foundation are authorized to run these competitions, which must be conducted entirely within the U.S. and include clear problem statements and success metrics for participants. Additionally, the bill requires the Government Accountability Office to conduct studies evaluating the effectiveness of prize competitions compared to traditional grants and contracts. All programs established under this bill are set to expire five years after the law is enacted, with regular reports submitted to Congress on their progress and results.