US HB7434

NSF Director must establish an "AI Grand Challenges Program" within 12 months to award competitive prizes for AI research and development addressing measurable challenges in 16 categories including national security, health, energy, cybersecurity, and transportation

Minimum cash prize of $1,000,000 per winner, with prizes exceeding $50,000,000 permitted; a required cancer-focused AI grand challenge must award at least $10,000,000 per winner

Prize recipients must be U.S. citizens/permanent residents (individuals) or U.S.-incorporated entities with primary U.S. business location; private sector judges permitted

Director of OSTP required to coordinate federal agencies to identify and publish datasets for grand challenges that could advance scientific understanding through AI innovation

Biennial reports to Congress required on program activities and competition results, with reports and active competitions posted publicly on NSF website and Challenge.gov