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These tech stocks — including Skyworks, Qualcomm — have the most to gain from a US-China trade truce

Key Points
  • Among 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 the chipmakers rose in Monday morning trading.
  • 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.
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.
George Rose | Getty Images

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."

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Other U.S. technology companies generate significant revenues from China, including Apple and Intel. As a result, roughly $100 billion to $150 billion in annual revenue is at stake if U.S. tensions with China increase, according to estimates from Jefferies analysts.

Apple traded 1.5 percent higher Monday, while Intel gained more than 2 percent amid broad gains in the major U.S. stock indexes.

However, the weekend reprieve in the trade dispute lacked specifics on how much China will import from the U.S. "If things aren't fixed and we don't get what we want, the president can always put the tariffs back on," Mnuchin said Monday on CNBC's "Squawk Box. "

— CNBC's Tae Kim contributed to this report.