You're both right to an extent. The amount of free chromium has an effect on brittleness and so do carbides. The trick with carbides is where they are. Chromium carbides (Cr23C6 type, there's more than one type) form along grain boundaries. These will lead to brittle failure, even in the unhardenable 3xx series stainless steels. Evenly distributed, small carbides contribute less to brittleness, but enough of them will still get you there. M4 has this type of structure. The carbides are numerous, fairly evenly distributed, and small. Large carbides are more likely to actually touch each other, providing a continuous path of very brittle material for a crack to follow.