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Hot-carrier (HC) effects on high-frequency and RF power characteristics of Si/SiGe HBTs are investigated in this paper. By using the two-tone load-pull measurement, we find that not only the cutoff frequency, but also the output power performances of Si/SiGe HBTs are suffered by the HC stress. In this work, S-parameters and intrinsic elements of an equivalent hybrid-π model were used to validate the HC effects on high-frequency characteristics. With different bias conditions, the degradations of cutoff frequency, power gain, and linearity are found to be worse under constant base-current measurement than that under constant collector-current measurement. The HC-induced degradations on the current gain, transconductance, and ideality-factor of base and collector currents are analyzed to explain the experimental observations.