Tested 2 fallback ways inside semantics tag:
<annotation-xml encoding="MathML-Presentation"><mtext><img ...(the math was display="block")<annotation-xml encoding="text/html"><img ...(the math was inline)
Didn't try altimg fallbacks, nor <annotation encoding="image/png" src=...> as I figure it's unlikely any clients that don't understand MathML would honor them. img can be honored simply by skipping all the unfamiliar tags.
I tried to use xmlns in a way that (hopefully) would work both in HTML5 and older parsers...