ResearchThe Weekly (2/23)

The Weekly (2/23)

Feb 23, 2024

Who would’ve thought that Anguilla would be one of the immediate beneficiaries of the artificial intelligence boom.

Yes, you read that correctly.

The British island in the Caribbean with fewer than 20,000 inhabitants doesn’t seem like the place that would benefit from the AI wave sweeping the tech world, let alone already profiting off it.

Except Anguilla’s country code top-level domain is .ai, an irresistible address for AI startups.

The rewards from selling these web addresses have been considerable. Rest of World estimates the revenue generated by Anguilla’s .ai domain — around $3 million per month — currently accounts for around a third of the government’s monthly budget.

Anguilla isn’t alone. Business has never been better for America’s biggest technology companies.

Nvidia, the chip giant, reported a monstrous quarter on Wednesday, posting revenues of $22.1 billion for its fiscal fourth quarter, a rise of 265% year-on-year. The results added $277 billion to the company’s market cap, the largest single day advance in history.

After slumping in 2022, the combined market value of Alphabet, Amazon, Apple, Meta and Microsoft has surged by 70%, to over $10 trillion, since the start of 2023.

Between Anguilla and the market’s recent run, it might be easy to conclude that the market may be overheated and that the AI boom has once again created a period of surplus a la 2021.

That surplus, however, isn’t being seen across other corners of the economy, especially the startup ecosystem. It would be, in some ways, a mistake to think the startup scene is returning to its former exuberance.

According to Pitchbook, there was a dramatic decrease in venture capital investing last year: venture-capital firms invested only $170 billion in 2023, down by half from 2021. The days of lofty valuations are also a thing of the past. 344 unicorns, or startups valued over $1 billion, were minted in 2021. Last year’s figure was 45.

Several factors have soured appetite for startup investing.

Most obviously, the end of the era of cheap money is largely to blame. A higher interest rate environment has reduced the appetite for risk and as such, capital chasing higher returns has declined.

The traditional paths to liquidity have also fallen flat.

The IPO environment remains in a gridlock, corporate buyers have been blocked by the FTC and antitrust watch dogs, and secondary markets require steep discounts.

But it’s not all doom and gloom.

The decrease in funding is likely a return back towards the historical trends. It’s easy to believe that the post pandemic exuberance was the aberration, not the norm.

Founders have also rediscovered the concept of frugality and are no longer pursuing ‘growth at all costs’. Teams are smaller, more nimble, and the hiring craze driving salaries higher has seen a dramatic exhale as layoffs from Big Tech have flooded the job market with qualified workers.

Even further, those companies applying for Anguilla’s domain names are creating tools that should allow startups to become more productive, reduce burn rates, and eventually bring products to market faster. Those .ai domains could even lower the capital required to succeed over the long-run.

The age of the unicorns may be slowing but it doesn’t mean it won’t come back - private markets are often a lagging indicator in the business cycle so it makes sense that startups are now feeling some of the downstream impacts their public peers faced in 2022.

Not all areas of the economy are created equal. Some are experiencing dramatic growth while others are still finding their way. What we're confident in is that regardless of size, a new age of company is being built - one that is efficient, confident, and battle tested for success.

Have a great weekend,

– Your Titan team


As of writing, NVDA, AAPL, AMZN, GOOG, META, and MSFT are holdings in Titan's Flagship strategy.

*Earn 6.00% on your first $250,000 of cash. Above $250,000, you'll earn the current yield offered by Smart Cash. 6.00% is gross yield and does not consider the annual Titan Advisory Fee of 0.25% that applies to new clients as of 01/02/2024. Terms apply.

Advisory services are offered by Titan Global Capital Management USA LLC (“Titan”), an SEC registered investment adviser. Titan’s affiliate, Titan Global Technologies LLC (“TGT”), is a registered broker-dealer and member of FINRA/SIPC. Newsletters provided by Titan reflect the opinions of only the authors who are associated persons of Titan and do not reflect the views of Titan, or any of its subsidiaries or affiliates. They are meant for educational and informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer to buy or sell a security. They are also not research reports and are not intended to serve as the basis for any investment decision. The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person. Any third-party information provided therein does not reflect the views of Titan or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not ensure a profit or protect against loss. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. The price of a given security may increase or decrease based on market conditions and clients may lose money, including their original investment and principal. Any rewards or free trials offered through Titan's client referral program are subject to full program terms & conditions.

Titan newsletters are curated digests of business news stories delivered daily. Titan newsletters’ goals are to make business and financial news accessible to all. The Titan newsletter team has editorial independence. Authority over all news decisions that appear in Titan newsletters, including what news we cover, our tone, and any accompanying media, lies with the Titan news team. Titan newsletter editors conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., Fortune, The Wall Street Journal, The New York Times, Bloomberg, CNBC, TechCrunch, Jalopnik, Business Insider, Fox Business, etc.). The editors then determine the stories to be featured, covering a mix of headline news as well as less reported, yet relevant stories. Titan can’t cover everything, but the Titan newsletters aim to deliver a well-rounded serving of news. Titan newsletters make every attempt to report the facts fairly and accurately and provide “Takeaways” based on our understanding of the trends, our business experiences, and our personal opinions. We deliver the crucial information and our unique perspective so you can assess the news critically. Titan newsletters may contain forward-looking statements, which reflect the author’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. We do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Smart Cash is offered by Titan as one of its RIA product offerings. Titan's Smart Cash strives for tax optimization; after-tax yields are estimates, and actual outcomes may vary. Yields are subject to market conditions, will fluctuate, and are not a guarantee or forecast of future earnings. While Titan can provide general tax information and guidance, any information provided should not be taken as tax advice as Titan is not a tax professional. Consult a tax professional for personalized tax advice. View Smart Cash risks and disclosures at

Various Registered Investment Company products (or “Third Party Funds”) are offered by third-party fund families and investment companies on the platform as one of many potential investment options available to Titan’s clients, that may or may not be recommended based on an individual client’s investment objectives and risk tolerance. Certain Third Party Funds are offered through Titan Global Technologies LLC. Other Third Party Funds are offered to advisory clients by Titan. The Third Party Funds that are available on the platform are interval funds. Investments in interval funds are highly speculative and subject to a lack of liquidity that is generally available in other types of investments. Actual investment return and principal value is likely to fluctuate and may depreciate in value when redeemed. Liquidity and distributions are not guaranteed, and are subject to availability at the discretion of the Third Party Fund. Please review the Third Party Fund’s prospectus, available on, in its entirety for a full list of risks associated with investing in the interval fund before making any investment decision.

Investments with exposure to crypto assets are only suitable for investors who are willing to bear the risk of loss and experience sharp drawdowns, as they still carry inherent risk associated with cryptocurrencies. You are solely responsible for evaluating the merits and risks associated with the use of any information, materials, content, user content, or third party content provided before making any decisions based on such content.

If there are substantive errors when published, corrections will appear in the following day’s material or within a business day of discovery of the error. When Titan or the author of a newsletter owns stock in a company mentioned, we’ll disclose it at the bottom of our newsletter.

Cash Management

Smart Cash

Smart Cash FAQs

Cash Options

Get Smart Cash


© Copyright 2024 Titan Global Capital Management USA LLC. All Rights Reserved.

Titan Global Capital Management USA LLC ("Titan") is an investment adviser registered with the Securities and Exchange Commission (“SEC”). By using this website, you accept and agree to Titan’s Terms of Use and Privacy Policy. Titan’s investment advisory services are available only to residents of the United States in jurisdictions where Titan is registered. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities or investment products. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. Account holdings and other information provided are for illustrative purposes only and are not to be considered investment recommendations. The content on this website is for informational purposes only and does not constitute a comprehensive description of Titan’s investment advisory services.

Please refer to Titan's Program Brochure for important additional information. Certain investments are not suitable for all investors. Before investing, you should consider your investment objectives and any fees charged by Titan. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested, including principal. Brokerage services are provided to Titan Clients by Titan Global Technologies LLC and Apex Clearing Corporation, both registered broker-dealers and members of FINRA/SIPC. For more information, visit our disclosures page. You may check the background of these firms by visiting FINRA's BrokerCheck.

Various Registered Investment Company products (“Third Party Funds”) offered by third party fund families and investment companies are made available on the platform. Some of these Third Party Funds are offered through Titan Global Technologies LLC. Other Third Party Funds are offered to advisory clients by Titan. Before investing in such Third Party Funds you should consult the specific supplemental information available for each product. Please refer to Titan's Program Brochure for important additional information. Certain Third Party Funds that are available on Titan’s platform are interval funds. Investments in interval funds are highly speculative and subject to a lack of liquidity that is generally available in other types of investments. Actual investment return and principal value is likely to fluctuate and may depreciate in value when redeemed. Liquidity and distributions are not guaranteed, and are subject to availability at the discretion of the Third Party Fund.

The cash sweep program is made available in coordination with Apex Clearing Corporation through Titan Global Technologies LLC. Please visit for applicable terms and conditions and important disclosures.

Cryptocurrency advisory services are provided by Titan.

Information provided by Titan Support is for informational and general educational purposes only and is not investment or financial advice.

Contact Titan at 508 LaGuardia Place NY, NY 10012.