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We offer a detailed investigation of the photophysical properties of plasmonic solid and hollow gold nanospheres suspended in water by combining ultrafast transient absorption (TA) spectroscopy with molecular dynamics (MD) simulations. TA reveals that hollow gold nanospheres (HGNs) exhibit faster excited state relaxation and larger amplitude acoustic phonon modes than solid gold nanoparticles of the same outer diameter. MD simulation carried out on full scale nanoparticle-water models (over 10 million atoms) to simulate the temporal evo