Heat a large skillet over medium heat. Add the olive oil and diced shrimp. Cook until shrimp are pink and no longer translucent.
Add the green chilies, cream cheese and milk. Stir to combine. Add the pepper sauce, cheddar and Monterrey cheese. Stir until all the cheese is melted and smooth.
Stir in the diced tomatoes, remove from heat. Serve immediately with tortilla chips.