The transient current response of bulk GaAs and InP is investigated at ultr
ahigh electric fields. On ultrashort time scales, the electronic system is
far from equilibrium and overshoot velocities as high as 8 x 10(7) cm/s are
observed. Our studies also lead to a detailed understanding of the ionic r
esponse of polar semiconductors. For the first time, carrier motion is dete
rmined with a resolution of 20 fs at fields up to 130 kV/cm. The dependence
of the ultrafast dynamics on material and electric field provides new insi
ghts into the microscopic mechanisms governing nonequilibrium transport.