The AI Grand Challenges Act of 2024 directs the National Science Foundation to establish a competitive prize program that awards cash prizes to researchers and organizations who develop artificial intelligence solutions to major national challenges. The program will focus on AI breakthroughs in areas such as national security, health, energy, education, manufacturing, and other sectors, with individual prizes starting at a minimum of $1 million per winner, though prizes can exceed $50 million. The legislation specifically requires at least one competition dedicated to using AI for cancer detection and treatment, with a minimum of $10 million in awards for that challenge. The National Science Foundation must establish the program within 12 months of the law's enactment, consulting with other federal agencies, the National Institutes of Health, and the private sector to identify promising challenge areas and set measurable success metrics. All prize competitions will be posted on Challenge.gov to ensure broad accessibility to eligible participants, who must be U.S. citizens, permanent residents, or U.S.-based companies.