IPO guru Kathleen Smith on what to expect from Palantir's direct listing

Palantir and Asana are set to price tonight. Kathleen Smith, Renaissance Capital, joins 'Squawk Alley' to discuss why Palantir's decision to go the direct listing route might deter investors and the state of the IPO market this year. There's interest in IPOs, and Palantir could be a $3 billion deal, the second largest of the year so far, she says.