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The Dynamical Franz-Keldysh Effect is exposed by exploring near-bandgap absorption in the presence of intense THz electric fields. It bridges the gap between the DC Franz- Keldysh effect and multi-photon absorption and competes with the THz AC Stark Effect in shifting the energy of the excitonic resonance. A theoretical model which includes the strong THz field non-perturbatively via a non-equilibrium Green Functions technique is able to describe the Dynamical Franz-Keldysh Effect in the presence of excitonic absorption.doi:10.1103/physrevlett.81.457 fatcat:6amk5zwo5rffbfhkhsjfrfzacu