Microsoft Advertising is transitioning Predictive Matching to Search term matching within AI Max. This update enhances existing matching capabilities with improved AI-powered intent understanding, and additional optimization features.

Currently, not all advertisers have access to predictive matching for search campaigns. For those who don’t, it will be available soon.
Read the official help page, spotted by Hana Kobzová, here: Predictive Matching Transitioning to Search Term Matching.