Semantic models provide trusted measures and business definitions, but AI agents need more than metrics. They must understand how customers, products, locations, transactions, events, and business processes relate to one another. This session explores how Fabric IQ Ontology can complement semantic models and serve as a reusable business-context layer for analytics and AI. Using a practical scenario, we will model key entities and relationships, connect them to governed data and measures, apply business rules, and show how this context improves agent reasoning and natural-language exploration. We will also clarify when semantic models are the right abstraction, when ontology adds value, and how the two should work together. Attendees will leave with practical modeling patterns and a decision framework for designing enterprise context that can be reused by both people and AI.