To Jacob's point, the "go ahead and underestimate me" phrase is a very clearly gendered one. And Trump's reputation on this issue hasn't gotten as much attention as it did in 2016, but it's not clear that some of the issues have gone away. Plus, Haley may also be highlighting the fact that, as far as she is from being a real contender for the nomination, this is the closest any GOP woman has come.

—Julia Azari, 538 contributor

People forget this, but McMaster was the first statewide elected official to endorse Trump back in 2016. Haley’s appointment to U.N. ambassador cleared the way for him to become governor, a post he still holds today.

—Nathaniel Rakich, 538

Nathaniel, I think that another explanation for Haley’s continued presence in the race is less political and more personal. Clearly, the two candidates don’t get along, and never really have. (Remember that the only reason Trump even tapped Haley as ambassador was as a favor to then-Lt. Gov. McMaster.) With the race getting increasingly chippy and personal, I think Haley may be staying in for longer than politically savvy because she knows just how much it gets under Trump’s skin. This is, after all, a politician who sells shirts that say "Go ahead and underestimate me, that’ll be fun."

—Jacob Rubashkin, Inside Elections

It was pretty clear Trump was going to be the nominee after New Hampshire. I think maybe Haley could be forgiven for trying to stay in for a couple more weeks to see if she could move the needle in South Carolina, a state she knows so well. But after it was clear that Trump’s polling lead wasn’t shrinking, she lost any practical justification for staying in the race.

—Nathaniel Rakich, 538

The Republican presidential primary started out in territory pretty friendly to Haley. That changes after today, making the South Carolina primary a sort of last chance for the former Palmetto State governor to prove she actually has a path to the 1,215 delegates necessary to secure the GOP nomination. It looks somewhere between unlikely and impossible that she'll be able to pull that off.

It's all about the numbers. According to the polls, Trump leads Haley by about 30 points among likely Republican primary voters. But his delegate lead is what really matters — and it's likely to be even larger. That's because the South Carolina Republican Party awards its delegates on a winner-takes-all basis. About half the delegates will go to the winner of the statewide vote (almost certainly Trump) and the remainder will go to the winner of each of the state's seven congressional districts. With a 30-point statewide victory, Trump would probably win every district resoundingly; in 2016, the largest difference between Trump's statewide margin (10 points) and his margin in the most anti-Trump county (which he lost by 5 points to Marco Rubio) was only 15 points.

This is all disastrous news for Haley, who needs all 50 delegates from the state to be on track to win the Republican nomination. The competition on and after Super Tuesday will be even tougher. According to the math powering 538's delegate benchmarks, Trump is leading Haley by around 57 points in California and 69 in Texas, the states with the largest delegate hauls on Super Tuesday. Those states also allocate delegates on a winner-takes-all basis, as long as a candidate wins at least 50 percent of the vote.

The primary, in other words, is functionally over. But because Trump has not yet clinched a majority of delegates, Haley's campaign technically has a chance of winning. It's just very, very low.

—G. Elliott Morris, 538