The IP information can be enriched using the geo_info_from_ip_address() function, which returns the country, state, city, latitude and longitude of each IPv4 and IPv6 address.
MicrosoftGraphActivityLogs
| extend GeoIPInfo = geo_info_from_ip_address(IPAddress)
| extend country = tostring(parse_json(GeoIPInfo).country), state = tostring(parse_json(GeoIPInfo).state), city = tostring(parse_json(GeoIPInfo).city), latitude = tostring(parse_json(GeoIPInfo).latitude), longitude = tostring(parse_json(GeoIPInfo).longitude)
| project-reorder IPAddress, country, state, RequestUri