Start by applying render>>lighting effect from filter menu.

Apply settings as shown.

Form filter menu select stylize>>polarize.

Duplicate the layer and change the layer mode to color dodge. Select and merge both layers.

Type text using a bold font.

From filter menu select distort>>wave.

Apply settings as shown.

Ctrl+Click the layer thumbnail to get the selection. Hide the text layer. Select the background layer and press Ctrl+J to create a duplicate of selection in a new layer.

Press Ctrl+L to open levels settings. Apply settings as shown.

Duplicate the layer. Ctrl+Click the layer thumbnail to get the selection. Form select menu click modify>>contract.

Contract the selection by 2 pixels.

Press Ctrl+Shift+I to inverse the selection. Press delete.

Change the layer mode to linear dodge. Move the layer 2 pixels left.

Similarly create selection of text layer, contract and repeat above steps twice.

Play around with different layer modes to get a nice result.

Fill the background layer with black color.

Merge all the text layers. Double click the layer to open layer style window. Apply layer style with the settings shown.