Chalcogenide based phase change random access memory (PCRAM) holds great promise for high speed and large data storage applications. This memory is scalable, requires a low switching energy, has a high endurance, has fast switching speed, and is nonvolatile. However, decreasing the switching time whilst increasing the cycle endurance is a key challenge for this technology to replace dynamic random access memory. Here we demonstrate high speed and high endurance ultrafast transient switching in the SET state of a prototypical phase change memory cell. Volatile switching is modeled by electron-phonon and lattice scattering on short timescales and charge carrier excitation on long timescales. This volatile switching in phase change materials enables the design of hybrid memory modulators and ultrafast logic circuits. © 2020