OK... Has anybody ever experienced something like this??? I key the mic in AM mode. The carrier starts at 2w and rises to about 5w and then goes back down to just over 4w where it remains stable. I key it right back up and it does it all over again. SSB is fine for output (about 15w PEP) All regulators are good. Electrolytics around the regulators and driver/final have all been replaced. Voltage on driver and final collectors are stable. I checked the AM carrier pot and it is good with no voltage drops during tx. Power supply is also stable. I took a video of it but I could not upload it as the site errors to the .MOV extension.