Other names include Microsoft and Qualcomm. Including HP, Dell and other companies that don't break out their China revenues brings the total estimate to around $150 billion, the analysts said.
The U.S.-China trade dispute has increasingly focused on technology and intellectual property rights.
In mid-April, the U.S. Commerce Department banned American companies from selling components to Chinese telecom equipment giant ZTE for seven years. The decision was a response to ZTE's violation of U.S. sanctions against Iran and North Korea, to which the Chinese company pleaded guilty last year. Trading in its Hong Kong and Shenzhen-listed shares was halted after the ban, and last week the company said its main business operations have ceased.
However, President Donald Trump unexpectedly said Sunday that he is working with Chinese President Xi Jinping to help ZTE "get back into business, fast."
Shares of optical component makers working directly or indirectly with ZTE rose in Monday morning trading:
- Acacia Communications received 30 percent of 2017 total revenue from the Chinese telecom company. Shares closed up 8.7 percent.
- Oclaro generated 18 percent of fiscal year 2017 revenue from ZTE. Shares closed up 2.9 percent.
- Lumentum, which has agreed to acquire Oclaro for $1.8 billion, saw its shares rise more than 2 percent.
- Finisar also counts ZTE as a customer. Its shares gained 1 percent.
All four stocks are on the Jefferies analysts' list.