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We argue that across three decades the WoA has undergone a \\emph{semantic-effort migration} in chronological order: from platform-side coordination (Multi-Agent Systems, Generation~I), through data-side annotation (Semantic Web, Generation~II), to model-side interpretation (LLM-era, Generation~III). The central Gen~II~$\\rightarrow$~Gen~III transition within this trajectory, which we call the \\emph{semantics-in-data $\\rightarrow$ semantics-in-models} shift, is predictive: each generation's failure modes and current open problems follow from where that generation located its semantic effort. 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