This legislation requires the Assistant Secretary of State for Intelligence and Research, in coordination with the Under Secretary of Commerce for Industry and Security and the Director of National Intelligence, to submit a comprehensive report within 360 days. The report will analyze the impact and effectiveness of United States semiconductor export controls on the People's Republic of China (PRC). The report must provide a detailed inventory of all relevant controls, specifying their type (e.g., technology, end-use) and whether they are unilateral or multilateral. It mandates a quantitative analysis of the controls' effects on the PRC's military, intelligence, and surveillance capabilities , its ability to develop advanced integrated circuits, and its indigenous semiconductor industry. Furthermore, it will assess the impact on PRC artificial intelligence capabilities and the revenue and global market share of United States companies. Key elements of the report include identifying controls that have been most successful and those that have failed, disproportionately harming U.S. industry without advancing national security. It also requires recommendations for bolstering cooperation with U.S. industry, improving enforcement efforts, and closing diversion loopholes to enhance the overall efficacy of the export control regime. The Assistant Secretary must engage various stakeholders, including federal agencies, the private sector, and academic institutions, and the report will be unclassified with a potential classified annex.