This bill establishes new controls on the export of advanced artificial intelligence (AI) chips and related products to designated countries of concern . It mandates that the Under Secretary of Commerce for Industry and Security require a license for exporting these "covered circuits or products" to entities located in or headquartered in such countries, which are specifically defined in export regulations and include certain regions of China. A central provision is the certification requirement for license applicants. Exporters must certify that United States persons were offered a right of first refusal for the chips, providing a public opportunity for U.S. customers to purchase with preference. Applicants must also confirm they have no current backlog of requests from U.S. persons, do not foresee the export creating a backlog or reducing critical production capacity for U.S. needs, and are not offering advantageous pricing to foreign persons. Applications without this certification will be denied. The legislation also provides an exemption from certain license requirements for trusted United States persons when exporting to non-countries of concern, provided the chips remain under their ownership and control. Qualification criteria include robust security measures, limits on transferring processing performance outside the U.S., and restrictions on foreign ownership from countries of concern. This aims to ensure U.S. access and control over critical AI technology.