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Pmax is Performance Max – it goes on all six channels, including Search, Display, Video, Gmail, Shopping and Discovery. Here’s all you need to know about Performance Max campaigns.
It seems that in the Google campaign dashboard, two PMax Ads categories. One is PMax ads and another is PMax smart shopping. So PMax is Performance Max. It will go on the Search, Display, Video, Gmail, Shopping and Discovery Channels. These are the six channels. And I think this is what you are referring to. Ads could be search, display or video. And the PMax smart shopping is the shopping, smart shopping campaign.
So this is why when you are running Performance Max, you need a fair amount of budget, usually in hundreds of dollars, to make it work really well if you are running. I’ve very rarely seen Performance Max perform really well if the budget is like $10 or $20 a day because it needs so much data that the budget is too small and it will take you a long, long time to get that amount of relevant data in for Google to assess what's happening and what's not happening. So this is why you need to have a testing budget for Performance Max. Get it in and then see what’s happening and what's not happening.