Xavier Becerra has emerged as the beneficiary of Eric Swalwell's dramatic exit from the California governor's race following sexual assault allegations. The former HHS Secretary gained 15 points among Democrats after Swalwell dropped out, with markets now pricing him at 66¢ for second place — a 40¢ jump that reflects his consolidation of moderate Democratic support.

The race was dramatically reshaped when Swalwell quit, opening up a lane that Becerra has quickly occupied. The former California attorney general has since climbed in polls, pulled in fresh endorsements, and become the main target in a crowded field where five candidates remain bunched together. With California's nonpartisan primary system sending only the top two vote-getters to November's ballot, traders are betting Becerra can capture the second slot alongside the likely Republican frontrunner.