We examine the photoluminescence of highly-excited exciton-polariton condensates in semiconductor microcavities. Under strong pumping, exciton-polariton condensates have been observed to undergo a lasing transition where strong coupling between the excitons and photons is lost. We discuss an alternative high-density scenario, where the strong coupling is maintained. We find that the photoluminescence smoothly transitions between the lower polariton energy to the cavity photon energy. An intuitive understanding of the change in spectral characteristics is given, as well as differences to the photoluminescence characteristics of the lasing case.
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