The markets saw red on Thursday, as shares of Action Alerts PLUS holdings Apple (AAPL)   and Nvidia (NVDA) , Taiwan Semiconductor (TSM) , Micron (MU) and many others all declined. The interest rate watch is on, as are concerns that inflation could gain steam sooner than expected.

Here are three top takes from the columnists of Real Money and Real Money Pro, our premium sites for Wall Street professionals and active investors:

Jim Cramer: The Race to Be the First Trillion Dollar Company

"Yep, it's race to be the first trillion dollar company and the handicapping shows an insanely close race," writes TheStreet's Jim Cramer.

"Right now there are four companies coming around the first turn and it could portend to be a lot closer race than most handicappers saw coming. I am not predicting a photo finish, there's too many billions between the current capitalizations and the finish line," Cramer adds.

Chip Stocks Powering Down

Real Money Pro columnist Timothy Collins says, "The semiconductor party has morphed into a hangover. With the broad ETF about 13% off the highs and many individual names down 2% or more today after a sluggish last few weeks, it begs the question where folks should put their money in the sector."

Increased Complacency Set the Stage for the Poor Action Today

"Market players have been feeling better about the market after the strong earnings news from Netflix (NFLX)  helped to push the S&P 500 out of its recent trading range and over its 50-day simple moving average. The Fed has been a non-issue lately and the emotional reaction to the potential of a trade war had cooled off," says Real Money columnist James DePorre. "All of this helped to create some optimism about a positive reaction to earnings season."

"This increase in complacency set the stage for the poor action today," DePorre notes. "Concerns about semiconductors and what that means to smart phone sales put pressure on Apple and a host of other technology companies. Also a spike in interest rates raised concerns that maybe there will be some increased economic headwinds".

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