Here equivalence means equivalence on all finite structures of the chosen signature, and an existential sentence means an existential second-order sentence. Suppose, towards a contradiction, that P equals NP. We use that P is closed under complementation, that fixed first-order model checking is polynomial-time, and that guessing a polynomial-length string followed by a polynomial-time test is in NP.
Under this equality, evaluating any fixed second-order logic sentence is in P. Prove this by induction through its quantifiers and Boolean operations. The first-order part is already polynomial-time. If an inner formula can be evaluated in P, existentially quantifying a relation of fixed arity guesses at most bits and then performs the inner polynomial-time test. This gives an NP procedure and hence, under the assumption, a P procedure. A universal relation quantifier is handled by complementing the corresponding existential test. Boolean combinations remain polynomial-time as well. A fixed formula has only finitely many such steps and fixed arities, so the resulting time bound is polynomial.
Consequently every second-order definable class lies in P, hence in NP. By Fagin's theorem it has an equivalent existential second-order sentence. This contradicts the posited second-order sentence with no such equivalent. Therefore
The proof uses the equality assumption to collapse quantifier alternation; it does not assume an unproved strictness statement about the polynomial hierarchy.

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