We present a dynamic study of the room-temperature, two-photon excited lumi
nescence in CdS. When exciting the medium with red (2 eV), 100-fs-lasting p
ulses of intensity 9.4 GW/cm(2), a strong two-photon absorption, with coeff
icient alpha(2)=2.7 cm/GW, creates 1.6x10(16) cm(-3) highly out-of-equilibr
ium carrier pairs. The overall kinetic energy relaxation time of these carr
iers has been measured to be of 350 fs and their final states have been det
ermined as being shallow residual localized states in the band gap. From th
ese states, potential energy relaxation gives rise to a stimulated emission
of green (2.45 eV) light. The dynamics of this emission has been studied u
sing a time resolved gain measurement experiment, which indicates a 200-fs
duration for the highest excitation intensities (20 GW/cm(2)). [S0163-1829(
99)10631-3].