If AI becomes strategic infrastructure, what exactly are foreign investors buying?

One thing I find strange in the whole frontier AI sovereignty discussion: a lot of these companies are funded with global capital, including foreign investors, sovereign funds, etc. But if the US starts treating frontier models like strategic infrastructure, then what exactly are these investors buying? Equity upside, yes. But maybe not access to the capability, not control over deployment, not even certainty that their own researchers, companies, or countries will be allowed to use the most advanced models they helped finance. The cap table is global, but the control layer may be national. I don’t think people are pricing this contradiction properly.