People crowd into the Qualcomm booth to view a series of new products during the annual Consumer Electronics Show on Jan. 4, 2017 in Las Vegas.

Easing U.S.-China trade tensions will likely help chipmakers' stocks the most.

Among companies in the S&P 500, Skyworks Solutions, Qualcomm, Qorvo, Broadcom and Micron have the highest percentage of revenue generated from China, according to FactSet.

Shares of Skyworks and Qorvo traded more than 1.5 percent higher Monday morning. Qualcomm and Broadcom gained more than 1 percent.

Shares of Micron spiked more than 4 percent after the company raised guidance for its fiscal third quarter, which ends May 31. Micron now sees revenue of $7.7 billion to $7.8 billion, up from prior guidance of $7.2 billion to $7.6 billion.

Over the weekend, the U.S. and China agreed to "substantially reduce" the U.S. trade deficit in goods with China and work toward "meaningful increases" in American agriculture and energy exports. The Trump administration is also holding off on plans to impose tariffs on $150 billion worth of Chinese imports, U.S. Treasury Secretary Steven Mnuchin said on "Fox News Sunday."