Split Signal Problem
Stacking Smart Bidding, PMax, and AI Max on the same audience doesn't multiply learning.
It splits it.
Each Google algorithm learns from conversion signals. Run three overlapping campaigns and each gets a third of the data it needs. The same users, the same clicks, the same purchases are being attributed across all three.
Google's threshold for exiting learning mode is roughly 30-50 conversions per campaign per month. Divide a 60-conversion account three ways and none of them ever graduate.
Check any account running all three on the same audience. If monthly conversions are under 150, at least one campaign is stuck in learning mode, paying full CPCs while its algorithm never peaks.
It doesn't fix itself.
Adding budget won't fix it either. The structural problem is campaign count, not spend. More budget on a fractured signal architecture just buys more confusion faster.
Pull one of the three campaigns. Consolidate conversions under the remaining two. Give each algorithm a clean, undivided signal pool and watch the learning status change within two weeks.
The diagnostic question: how many campaigns in your account are targeting the same audience right now?
If the answer is more than one, the learning tax is already running.