We use cosmological hydrodynamic simulations to investigate formation of galactic bulges within the framework of hierarchical clustering in a representative CDM cosmological model. We show that largest objects forming at cosmological redshifts z~4 resemble observed bulges of spiral galaxies or moderate size ellipticals in their general properties like sizes, shapes, and density profiles. This is consistent with observational data indicating the existence of ``old'' bulges and ellipticals at more moderate redshifts. These bulges are gas dominated at redshift z=3, with high rates of star formation and would appear to be good candidates for small blue galaxies seen in the Hubble Deep Field.

Revised version accepted for publication in ApJ