The long PCIe slots (for your GPU) can have either x16 lanes electrically, or x4.
While two can be x16 independently, when you populate both they drop to x8 - which is the minimum for SLI.
The x4 slot looks the same as the others, but has less connectors physically inside - will be labelled "x4" on your board or in your manual.
That's the slot that shares bandwidth with the M.2. So, if you populate the x4 with, say a Wifi card, or soundcard or something, that drops the M.2 speed to x2.
If you're only using the 2x Titan's in SLI (both in the x16 slots) and an M.2, you're fine.