The fact that essential commodity providers aren't the emperors of the universe does not imply the same thing could not be true about AI.

Electricity needs transformation to be useful. AI is the transformation layer, a sufficiently advanced AI system could secure an advantage in practically any economically relevant domain. If you have the best AI in world where embodied robotics are sufficiently advanced, you also have the best doctors, lawyers, engineers, logistics network, PR, weaponry, tactical leverage, etc.