Trump’s second-term AI policy has emphasized innovation, voluntary industry commitments, and preemption of state-level rules over prescriptive restrictions. Key actions include the June 2026 executive order establishing a voluntary frontier-model review framework (explicitly disclaiming mandatory licensing), the December 2025 order directing litigation against conflicting state laws, and the September 2026 order directing federal agencies to adopt “super intelligence” terminology while advancing adoption. A new interagency task force formed in early October is examining risks such as cybersecurity and model control but focuses on early-warning protocols and reports rather than new mandates; its findings are due within roughly 120 days. These steps, alongside industry accords and resistance to broad federal constraints, shape trader assessments of any future restrictive executive order.