Evidence of an exchange-based origin of demagnetization from the fluence dependent delay of Ni in a disordered <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"> <mml:mrow> <mml:msub> <mml:mi>Fe</mml:mi> <mml:mrow> <mml:mn>0.5</mml:mn> </mml:m

The delayed demagnetization in Ni relative to Fe in the ultrafast demagnetization studies in FeNi alloy has led to two competing theoretical explanations: The Inhomogeneous Magnon Generation (IMG) and the Optically Induced Spin Transfer (OISTR) model. The IMG attributes the delay to the preferential magnon generation at the Fe sites and its subsequent propagation to Ni, while OISTR proposes direct spin transfer from Ni to Fe. In this study, we employ element-resolved extreme ultraviolet spectroscopy to investigate the effect of excitation strength on this delay, aiming to resolve the controversy. The data indicate a significant reduction in the delay with increasing fluence, which is inconsistent with the theoretical predictions of OISTR. These findings, in conjunction with the observation of a saturation of Fe demagnetization at the onset of Ni demagnetization, indicate that a spin-wave instability within the IMG framework may provide a potential explanation for the experimental results.