In this study, the impacts of fabrication technology and epitaxial layer design on the transconductance (gm) of radio frequency AlGaN/GaN high‐electron‐mobility transistors (HEMTs) are examined. Optimization of the SiNx passivation and AlGaN barrier design of 150 nm gate HEMTs enhances the extrinsic (at Vds = 10 V) and intrinsic (at Vds = 15 V) transconductance from ≈0.47/0.65 to ≈0.62/1.1 S mm−1. Notably, an extrinsic gm of 0.70 S mm−1 at Vds = 5 V is achieved, setting a new benchmark for the extrinsic transconductance of AlGaN/GaN HEMTs designed for the K/Ka frequency range with a breakdown voltage exceeding 100 V.