AI Grand Challenges Act of 2024

The AI Grand Challenges Act of 2024 directs the National Science Foundation (NSF) to establish prize competitions awarding cash prizes for AI research solving specific, measurable problems in areas like health, national security, energy, and cancer breakthroughs. It requires the NSF to publish clear problem statements and success metrics for each challenge, with a mandatory $10 million prize for a cancer-focused competition targeting detection, diagnostics, or treatments. Eligible participants must be U.S.-based entities or citizens, and the NSF must report annual results to Congress, including competition outcomes and public accessibility of prize details on Challenge.gov. The bill aims to accelerate AI innovation by incentivizing practical solutions across critical sectors through competitive funding.