This study focuses on generating and manipulating squeezed states with two external oscillators coupled by an InP HEMT operating at cryogenic temperatures. First, the small-signal nonlinear model of the transistor at high frequency at 5 K is analyzed using quantum theory, and the related Lagrangian is theoretically derived. Subsequently, the total quantum Hamiltonian of the system is derived using Legendre transformation. The Hamiltonian of the system includes linear and nonlinear terms by which the effects on the time evolution of the states are studied. The main result shows that the squeezed state can be generated owing to the transistor’s nonlinearity; more importantly, it can be manipulated by some specific terms introduced in the nonlinear Hamiltonian. In fact, the nonlinearity of the transistors induces some effects, such as capacitance, inductance, and second-order transconductance, by which the properties of the external oscillators are changed. These changes may lead to squeezing or manipulating the parameters related to squeezing in the oscillators. In addition, it is theoretically derived that the circuit can generate two-mode squeezing. Finally, second-order correlation (photon counting statistics) is studied, and the results demonstrate that the designed circuit exhibits antibunching, where the quadrature operator shows squeezing behavior.