A giant pulse of a ruby laser is focused into water, silicone oils, and some other liquids. High‐speed photography of the focal region with picture repetition rates up to 850 000 pps shows the dynamics of the produced bubbles. These are extremely well suited to study cavitation bubble dynamics. Spherical almost empty bubbles can be produced in water, realizing the Rayleigh bubble model. The shock wave produced by the laser‐induced breakdown is made visible by small bubbles suspended in the vicinity. From the radial motion of these bubbles, conclusions can be drawn on the strength of the shock wave.