This bill establishes new controls on the export of advanced artificial intelligence (AI) chips to designated countries of concern. It mandates that the Under Secretary of Commerce for Industry and Security require a license for exporting, reexporting, or transferring covered advanced circuits or products to entities located or headquartered in, or whose ultimate parent company is headquartered in, a country of concern. A key provision requires license applicants to certify they provided a right of first refusal to United States persons for these advanced chips. This right entails offering public notice for at least 15 days, giving preference to US buyers who commit to purchase, and ensuring no existing backlog of US requests or reduction in US production capacity. Furthermore, applicants must confirm they are not offering advantageous pricing or terms to foreign entities that are unavailable to US persons. Applications lacking this certification will be denied. The Under Secretary is directed to issue regulations within 120 days to implement these requirements, covering guidance on public notice, procedures for US persons, and conditions for proceeding if a good-faith US offer is not completed. These regulations will also address recordkeeping and penalties for misrepresentation. The bill also creates an exemption for trusted United States persons , allowing them to export covered advanced circuits to non-countries of concern without a license, provided the products remain under their ownership and control. To qualify, entities must meet standards for physical and cybersecurity, limit foreign ownership from countries of concern, and undergo annual audits. The definition of "advanced integrated circuit" includes specific technical parameters and allows for future updates.