The 2nd SNMMI Artificial Intelligence (AI) Summit, organized by the SNMMI AI Task Force, took place in Bethesda, MD, on February 29 - March 1, 2024. Bringing together various community members and stakeholders, and following up on a prior successful 2022 AI Summit, the summit theme was: AI in Action. Six key topics included (i) an overview of prior and ongoing efforts by the AI task force, (ii) emerging needs and tools for computational nuclear oncology, (iii) new frontiers in large language and generative models, (iv) defining the value proposition for the use of AI in nuclear medicine, (v) open science including efforts for data and model repositories, and (vi) issues of reimbursement and funding. The primary efforts, findings, challenges, and next steps are summarized in this manuscript.