See William Barr remark on buying controlling share in SE & Nokia if Huawei dominance becomes real, it'll be Crypto AG round 2. Going with SE & Nokia just means maintaining status quo, aka giving US preferential access since they control much of the higher OSI stack. It's a disingenuous argument. In fact the Australian PM has recently confirmed the "conspiracy theory" that the primary concern AU intelligence over Huawei wasn't interception of intelligence by China rather denial of access to networks with Huawei hardware which compromises intelligence sharing, i.e. it makes it harder for FVEY agencies to spy on each other's citizens.
The US has unparalleled intelligence gathering abilities, intelligence agencies with privileged access doesn't want to lose intelligence sharing with them. Similar to countries under US military security umbrella, FVEY and other intelligence alliances aren't equal contributors. Which leads to situations in many countries where intelligence interests conflicts with trade interests, and you get situations like UK firing their defense secretary who leaked secret meeting info in order sway decision making.
It's between Sweden (Ericsson), Finland (Nokia) and China (Huawei).