In 2023, the semantic layer emerged as a critical component of data stacks, transforming from a niche idea into an essential element for businesses navigating the evolving landscape of data management and AI integration. The year marked a pivotal shift as companies like Cube capitalized on this trend, enhancing their offerings to support seamless integration with AI technologies and business intelligence tools, which became increasingly important with the rise of AI tools like ChatGPT. The acquisition of Transform by dbt signaled industry recognition of the semantic layer's importance, spurring interest and growth for Cube, which subsequently launched features like Semantic Layer Sync and Cube Cloud Data Graphs to enhance data model synchronization and visualization. As AI technologies continue to advance, the semantic layer is poised to become indispensable, providing businesses with a unified source of truth for metrics and enabling swift adaptation to new data technologies, underscoring its role in the anticipated "third wave" of data stack evolution.