Semantic communications enable AI-native wireless systems by mapping raw data into compressed task-oriented latent representations. However, independently trained agents often rely on heterogeneous latent spaces and background knowledge, leading to semantic mismatch that degrades mutual understanding and downstream task execution, especially in interferencelimited multi-user wireless networks. This paper investigates distributed latent-space alignment in multi-user semantic MIMO interference networks with cognitive radio constraints. We consider primary users and semantic-aware secondary users sharing the same wireless resources, where secondary agents must simultaneously mitigate interference and align heterogeneous semantic representations. To address this problem, we formulate semantic alignment as a non-cooperative game and derive a closed-form solution for the joint optimization of linear semantic MIMO transceivers under power and interference constraints. Exploiting the structure of the problem, we recast the original matrix valued optimization into a lower-dimensional power-allocation game, leading to an iterative semantic water-filling algorithm. We establish sufficient conditions for existence, uniqueness, and global convergence to a Nash equilibrium, explicitly relating semantic alignment properties and physical-channel interactions. Numerical results assess the performance of the proposed framework, revealing key trade-offs among semantic compression, task performance, and hierarchical spectrum access.