Why it matters: A potential three-way battle, with Sen. Kyrsten Sinema running as an independent, will expose deep divisions in both parties on whether to appeal to their bases or independents in a critical 2024 battleground state.

The race will have implications in the presidential campaign and give President Biden an opportunity to run against the "ultra MAGA" mindset that Lake represents, even if former President Trump isn't Biden's opponent in November 2024.
Lake, who has not conceded her gubernatorial loss in 2022, is one of Trump's most ardent defenders and frequently amplifies the false election claims at the heart of the former president's most recent indictment.

Between the lines: The race also offers a state-level experiment on the implication of a possible three-way presidential contest, with Sinema playing the role of a No Labels candidate.

Driving the news: Lake is expected to spend most of September in Arizona interviewing potential staff and consultants, a source familiar told Axios.

The former TV news anchor has hit the campaign trail with Ohio GOP Senate candidate Bernie Moreno in recent days, drawing a crowd of more than 650 people in a rural area.
"I'm really, really excited about [Sen. J.D. Vance], I'm super excited that Bernie Moreno's going to be in the Senate. And if they're in the Senate, I just might have to join them," she said during a Monday fundraiser in Cleveland with Vance and Moreno.