What country is going to forgo power just because of intellectual property?
The whole system of intellectual property (IP) works at a global level because countries defend their IP by threatening something worse (sanctions, war, etc.). Sanctions because countries that generate lots of IP tend to have lots of useful things and money other countries want.
In a world where something critical is invented and a country threatens to weaponise access to it against others, unless some other threat of sufficient magnitude is levied, other countries will simply ignore the IP. One might argue this is a major danger to US power of Trump's protectionist stance on global trade. The USA is highly advanced and other countries accepting US IP is thus highly important to it. But the more trade barriers the USA puts up, the less motivation any country has to accept US intellectual property rights.
If China really wants chips enough and the West restricts it too much, it will simply make its own - reverse engineering them if it has to.