We show that optical tachyonic dispersion corresponding to superluminal (fa
ster-than-light) group velocities characterizes parametrically amplifying m
edia. The turn-on of parametric amplification in finite media, followed by
illumination by spectrally narrow probe wavepackets, can give rise to trans
ient tachyonic wavepackets. In the stable (sub-threshold) operating regime
of an optical phase conjugator, it is possible to transmit probe pulses wit
h a superluminally advanced peak, whereas conjugate reflection is always su
bluminal. In the unstable (above-threshold) regime, superluminal response o
ccurs both in reflection and in transmission, at times preceding the onset
of exponential growth due to the instability. Remarkably, the quantum infor
mation transmitted by probe or conjugate pulses, albeit causal, is confined
to times corresponding to superluminal velocities. These phenomena are exp
licitly analyzed for four-wave mixing, stimulated Raman scattering and para
metric downconversion.