Shear banded chip formation typically occurs with a shear banding frequency between 1 kHz and 100 kHz. Large cyclic changes in cutting force, contact length and stress distribution along the tool tip are predicted by finite element analysis. However, these output variables are sensitive to the mechanical behavior of the material under the large strain, strain rate and temperature conditions that exist in and around these shear bands. This study is aimed at experimental measurement of the stress distribution within cutting tools at very high speeds in order to measure the cyclic variation in cutting forces and contact stresses along the tool rake face. Orthogonal machining of Al-7075-T6 and Ti6Al4V tubular specimens is carried out with a transparent sapphire plate as the cutting tool. Machining is done at high feed and relatively low cutting speed to result in shear banded chips exhibiting a shear banding frequency of 3 to 5 kHz, as inferred from measured cutting forces and chip morphology. A Photron Crysta high-speed polarization measuring camera system is used to measure the principal stresses as well as the principal stress direction at 60,000 Hz. This high frame rate has helped resolve cyclic variations in stresses within individual shear band cycles. Quantitative analysis of the stress images using the shear difference method is carried out to yield the distribution of shear stress and normal stress over the rake face contact. The thermography study has been carried out to obtain the thermal behavior of Ti6Al4V when machined at high velocities and in order to compliment previously reported data on effect of high-speed machining of Ti6Al4V on the tool wear. A controlled effort was made to anneal and bevel the cutting edges of the tools and towards removal of radial and lateral runout from the workpiece material in an attempt to reduce tool chipping.