The AI Grand Challenges Act of 2024 directs the National Science Foundation to create a competitive prize program that awards cash prizes to researchers and companies developing artificial intelligence solutions to major national problems. The program will focus on challenges in areas like national security, cybersecurity, healthcare, energy, transportation, agriculture, education, manufacturing, and other sectors identified through consultation with federal agencies and the public. Winners will receive at least one million dollars per prize, with a mandatory cancer research competition offering at least ten million dollars per winner, and the program must be established within twelve months of the law's enactment. The bill allows the NSF to accept funding from other federal agencies, state and local governments, and private entities to support the prizes, and requires regular reports to Congress on competition results and program participation. Eligible participants must be U.S. citizens, permanent residents, or companies incorporated and based in the United States.
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