This bill proposes to amend the National Artificial Intelligence Initiative Act of 2020 by requiring the Director of the Office of Science and Technology Policy (OSTP) to establish a prize competition program. This program, to be launched within one year of enactment, will operate through the National Science and Technology Council and the Interagency Committee, with the primary goals of expediting the development of artificial intelligence systems in the United States and stimulating AI research, development, and commercialization. The OSTP Director, in consultation with industry, civil society, and academia, will establish and annually update a list of priority areas for these competitions. These priorities may include challenges in microelectronics, next-generation algorithm design, generative AI, explainability, advanced manufacturing, border security, cybersecurity, energy efficiency, and methods to prevent AI misuse. For each competition, specific problem statements, success metrics, and award details will be publicly available on Challenge.gov. Additionally, the bill authorizes the Secretary of Commerce, Secretary of Transportation, and the Director of the National Science Foundation to establish challenge-based acquisitions and other research and development investment initiatives. These initiatives must align with the established AI priorities, ensure a positive impact on U.S. economic competitiveness and industry, and require all research to be conducted within the United States. The legislation mandates reporting requirements, including a report on winning submissions within 60 days of an award and biennial reports on program activities and results to relevant congressional committees. The prize competition program is designed to sunset five years after its enactment. Furthermore, the Comptroller General is tasked with conducting an initial study on existing prize competitions and an interim study on the efficacy of this new AI prize program.