A transient four-wave-mixing signal is shown to arise from an excitation induced shift. In semiconductors, this signal can be comparable to or stronger than signals arising from saturation, local fields, or excitation induced dephasing. Calculations using modified optical Bloch equations show that multiple peaks in the transient four-wave-mixing spectrum are a signature of an excitation induced shift contributing to the signal. We observe this experimentally from a semiconductor multiple quantum well and confirm the presence of a shift directly using spectrally resolved differential transmission.The interaction between light and semiconductors provides fundamental insight into the dynamics of the optically created excitations. This is particularly true when techniques that are sensitive to coherence are employed. Coherent spectroscopy is well understood for a dilute vapor, where only isolated atoms or molecules need to be considered. 1 In dense materials, such as semiconductors or a dense atomic vapor, many-body interactions lead to dramatic differences from the dilute limit. 2 These effects can completely alter the interpretation of spectroscopic measurements and the performance of optoelectronic devices.Substantial progress has been made in understanding how interactions among elementary optical excitations ͑excitons or unbound electron-hole pairs͒ influence the coherent optical response of semiconductors, which is typically observed using transient four-wave mixing ͑TFWM͒. Early work 3-5 was interpreted based on the optical Bloch equations ͑OBE's͒, 6 which are appropriate in the dilute limit. Subsequently, it was realized that in addition to the signals arising from saturation, which are described by the OBE's, there were additional signals due to the interactions. The appearance of a signal for ''negative'' delay in a two-pulse TFWM experiment and a delay in the emission as a function of real time 7,8 are the most dramatic signatures. These effects can be calculated using a full many-body treatment. 9,10 In addition, they can be described phenomenologically in a few-level approach as arising from local fields, 11,12 excitation induced dephasing ͑EID͒, 13-15 and biexcitonic effects. 16,17 The phenomenological approach yields corrections to the OBE's, which can produce very good agreement with experiment 18 including complex polarization selection rules. 19 While the full many-body treatment is clearly based on a stronger theoretical foundation, the phenomenological description is usually easier to understand in terms of the underlying physics. The foundation provided by the full many-body treatment has been used to develop a microscopic basis for the phenomenological few level approach. 20 We show that an excitation induced shift ͑EIS͒ can result in a TFWM signal similar to that produced by the other mechanisms listed above. EIS is a manifestation of fundamental many-body interactions that result in a modification of the excitonic frequency in the presence of an excited carrier population. While the presence o...