The underlying physics of all ferromagnetic behavior is the cooperative interaction between individual atomic magnetic moments that results in a macroscopic magnetization. In this work, we use extreme ultraviolet pulses from high-harmonic generation as an element-specific probe of ultrafast, optically driven, demagnetization in a ferromagnetic Fe-Ni alloy (permalloy). We show that for times shorter than the characteristic timescale for exchange coupling, the magnetization of Fe quenches more strongly than that of Ni. Then as the Fe moments start to randomize, the strong ferromagnetic exchange interaction induces further demagnetization in Ni, with a characteristic delay determined by the strength of the exchange interaction. We can further enhance this delay by lowering the exchange energy by diluting the permalloy with Cu. This measurement probes how the fundamental quantum mechanical exchange coupling between Fe and Ni in magnetic materials influences magnetic switching dynamics in ferromagnetic materials relevant to next-generation data storage technologies.magnetism | quantum | ultrafast P rogress in magnetic information storage and processing technology is intimately associated with complex materials that are engineered at the nanometer scale. Heat-assisted magnetic recording (1), bit-patterned data storage media (2), all-optical magnetization reversal (3), and giant tunneling magnetoresistive disk drive read sensors are examples of such technologies (4). Next-generation devices will require that the magnetic state of materials be manipulated on fast timescales and at the nanometer level. However, a complete microscopic understanding of magnetization dynamics that involves the correlated interactions of spins, electrons, photons, and phonons on femtosecond timescales has yet to be developed. Two reasons for this lack of fundamental understanding of ultrafast magnetism at the microscopic scale are the complexity of the problem itself, as well as the experimental challenge of accessing ultrafast and element-specific magnetization dynamics. One approach for addressing the experimental challenge is to use X-ray magnetic circular dichroism (XMCD) employing X-rays generated by a synchrotron light source. XMCD has the inherent advantage of element-specific detection, and "sliced" synchrotron pulses are already used for ultrafast studies (5-9). In an alternative approach, we recently demonstrated that coherent extreme ultraviolet (XUV) beams from a tabletop high-harmonic source (10, 11) can also be used to probe ultrafast element-specific magnetization dynamics in permalloy (Ni 0.8 Fe 0.2 ) (12). For that demonstration, we took advantage of magnetic birefringence at the M-edge in transition metals to independently follow dynamics for Ni and Fe. However, the time resolution available in that initial experiment was insufficient to observe any differences in the response of the constituent elements on very short timescales.In this work, we experimentally answer the fundamental question of whether the magnetization dyn...