The microstructural and compositional evolution during initial annealing of a superconducting (Bi,Pb)2Sr2Ca2Cu3O10+δ/Ag tape is studied using quantitative transmission electron microscopy. Special attention is devoted to the occurrence of Pb‐rich liquids, which are crucial for the Bi2Sr2CaCu2O8+δ to (Bi,Pb)2Sr2Ca2Cu3O10+δ transformation. Ca and/or Pb‐rich (Bi,Pb)2Sr2CaCu2O8+δ grains dissolve into a liquid, which reacts with Ca‐rich phases to increase the liquid's Ca‐content. This leads to (Bi,Pb)2Sr2Ca2Cu3O10+δ formation. Apparently, a Ca/Sr ratio of around 1 is sufficient to keep (Bi,Pb)2Sr2Ca2Cu3O10+δ nucleation going. It is confirmed that Ag particles are transported from the Ag‐sheath into the oxide core by the liquid and not by mechanical treatment of the tape.