Current–voltage characteristics and low-frequency (LF) noise of industrial-quality AlGaAs/InGaAs/GaAs pseudomorphic high-electron-mobility transistors are evaluated as a function of bias stress and temperature. A small positive shift of threshold voltage Vth and negligible degradation in peak transconductance GM are observed under ON-state bias conditions at elevated temperatures. The Vth measurements suggest activation of an acceptor-like defect or impurity center. The GM measurements demonstrate that newly activated defects are not located close enough to the two-dimensional electron gas to scatter carriers strongly. First-principles calculations and comparisons with previous work suggest that OAs impurity centers, other oxygen-related defects, isolated AsGa antisites, and dopant-based DX centers may contribute significantly to low-frequency (LF) noise in as-processed devices. LF noise is relatively unaffected by voltage stress at elevated temperatures, consistent with the small changes in Vth and peak GM.