A CITIC Securities research report indicates that overseas AI applications will continue to accelerate in July 2025. On the one hand, Google processed 980 trillion tokens in July, doubling from May, and Microsoft Azure AI Foundry processed 310 trillion tokens in Q2, a 210% increase from the previous quarter. On the other hand, driven by leading applications such as ChatGPT and Claude, the top 100 overseas AI applications generated a total annual recurring revenue (ARR) of $39.3 billion in July, a 17.3% increase from May, demonstrating continued revenue growth. At the application level, AI coding and multimodality remain the hottest areas, with products such as Lovable, Replit, Pixverse, and Nano Banana emerging. Furthermore, the continued development of AI browsers and emotional companion applications by industry giants bears close attention.