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Using direct high-speed imaging, we study the transition between different chip formation modes, and the underlying mechanics, in machining of ductile metals. Three distinct chip formation modes — continuous chip, shear-localized chip, and fragmented chip — are effected in a same material system by varying the cutting speed. It is shown using direct observations that shear-localized chip formation is characterized by shear band nucleation at the tool tip and its propagation towards the free surface, which is then followed by plastic slip along the band without fracture. The transition from shear-localized chip to fragmented chip with increasing cutting speed is triggered by crack initiation at the free surface and propagation towards the tool tip. The extent to which crack travels towards the tool determines whether the chip is partially fragmented or fully fragmented (discontinuous). It is shown that shear localization precedes fracture and controls the crack path in fragmented chip formation. Dynamic strain and strain-rate fields underlying the each chip formation mode are quantified through image correlation analysis of high-speed images. Implications for using machining as an experimental tool for fundamental studies of localization and shear fracture in ductile metals are also discussed.