[Compiler Bug]: Runtime error with Higher Order Components

### What kind of issue is this? - [X] React Compiler core (the JS output is incorrect, or your app works incorrectly after optimization) - [ ] babel-plugin-react-compiler (build issue installing or using the Babel plugin) - [ ] eslint-plugin-react-compiler (build issue installing or using the eslint plugin) - [ ] react-compiler-healthcheck (build issue installing or using the healthcheck script) ### Link to repro https://codesandbox.io/p/devbox/vite-react-forked-w7lfc7?file=%2Fsrc%2FApp.tsx&workspaceId=5309445f-fc83-4685-b2a0-3050725a1482 ### Repro steps We're just going through our codebase and fixing issues that we're getting when enabling the compiler. Not sure if this is something we are doing wrong, or a compiler issue. We get 'TypeError: Cannot read properties of null (reading 'useMemoCache')' when running something similar to the following code in NextJS (minimal repro): Passing in a string as ElementType seems to be something that's fairly commonly recommended (https://www.aleksandrhovhannisyan.com/blog/dynamic-tag-name-props-in-react/ is the first result on Google for me). ``` import React, { ElementType, FC } from "react"; function TagChangingHOC(Tag: ElementType): FC<{text: string}> { return function({text}) { return <Tag>{text}</Tag> } } const DivTag = TagChangingHOC('div'); const SpanTag = TagChangingHOC('span'); export default function MyApp() { return (<> <DivTag text="foo"/> <SpanTag text="bar"/> </>) } ``` https://playground.react.dev/#N4Igzg9grgTgxgUxALhAHQHaYGZQ3AFwEsIMACAFQEMBzAYQAsqMaiWAJAeToApqaAlGWCYyZGAgKxyufMVJkewMgQQAPAmQC+QkeTHjJ0sgB5+APmCqNWkwHoLo7Zi2ZMcUmE0ARIgDd+MgBeSlpGZlYObh4AcgATfxiBAG53T00AZQAHZkCQ-nCWNhouXhiwHIwk1KwMdSyIGE04hGwqKAAbTVlCEnIAWQBPAEEsrJ5dJwkpGHIeE3NTXwDaFXUCILQQbAgILbtFk2zc1esNrYAjKhh9w4OBF0wQLSA I'm very happy to accept an alternative solution if this is too much of an edge case. ### How often does this bug happen? Every time ### What version of React are you using? 19.0.0-rc.0