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>all about having high capacity pipes that can see an order come in

I don't understand how they can see the order come in. Is this something that only happens in decentralized exchanges?

You can pay the NASDAQ (or any exchange) to colocate your server beside their server with a low-latency network link and see a live feed of the orders as they hit the book.

So isn't the problem with the exchange revealing data before it is "committed"? How does one frontrun if the exchange doesn't allow it?

I know about colocation, but I was under the impression that once you see an order in the book it is in the book. I.e. your order will be placed after it.

If there are multiple exchanges trading the same (or very similar) products, then you might be able to see an order on one, and quickly send an order to the other one. In the US, equities trade on multiple exchanges.

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