Abstract. The paper covers the evolution of the liquid phase formed under heating metal conductors by a pulse of current with the density of 10 6 ÷10 8 / m 2 . Following the theoretical assessment and experimental data, it was shown that the two-phase state (condensed phase -gas) during the early expansion of products of electric explosion of wires can be caused by the development of density fluctuations in the liquid phase of the metal. The density fluctuation formation is caused by the destruction of liquid phase clusters of short-range order. The study demonstrated the absence of the complete transition of the semiconductor matter into gas after the injection of energy exceeding the energy of sublimation s .