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It is shown that, by utilizing transit‐time effects, an appropriately designed transistor can be operated as a three‐terminal amplifier in certain special frequency bands which lie far above the α‐cutoff frequency. The criteria for the existence of such frequency bands are similar to those for the existence of a negative‐resistance band when the structure is operated as a diffusion delay diode; if such a negative‐resistance band exists, there are also two narrow bands, one on each side of it, where transit‐time transistor action is available. The existence of these bands is in general independent of the magnitude of the base resistance, but their width decreases with increasing base resistance.