Google has released a new help page detailing how URL exclusions function in AI Max for Search campaigns. This page highlights key nuances such as its reliance on whole tokens for `URL Contains` rules, rather than partial substrings, and notes that underscores are not treated as separators.
Exclusions require both Text customization and Final URL expansion to be enabled and can be implemented through exact URLs, page feed custom labels, or custom URL Contains rules. Importantly, spaces in rule text serve as an AND operator, matching tokens anywhere in the URL in any order.
Advertisers upgrading from Dynamic Search Ads (DSA) to AI Max should be aware that legacy DSA rules will become read-only, and while they can remove these legacy rules, adding or editing them post-upgrade is not possible.

Read the official help page here: About URL exclusions in AI Max for Search campaigns.
This update was spotted by Hana Kobzová.