Microsoft is repositioning Fabric as a governed context layer for enterprise AI. Fabric IQ combines OneLake data, Power BI metrics, and ontologies into reusable business context. OneLake now shares governed tables, files, agent instructions, and RDF ontologies. Power BI lets users create agentic apps from semantic models with natural language. Fabric Apps provisions back ends for these applications, including APIs and authentication. Fabric Agents ground answers in defined business concepts and execute long-running work within guardrails. New observability tools monitor workspace telemetry, jobs, and capacity. Microsoft urges leaders to treat shared context as an architectural responsibility.