When an ad set is new, Meta is still working out who to show it to. Results swing more and costs are usually higher. Ads Manager labels it "Learning."
How to exit learning
Meta's guidance is about 50 optimization events (like purchases) within 7 days of the last significant edit. If an ad set can't get there, it shows "Learning limited."
What resets it
Significant edits: big budget changes, new targeting, a new optimization event, or adding new ads. Small tweaks usually don't.
What it means for creative
Don't judge a new ad on day two, and don't keep editing an ad set to rescue it. Launch batches of genuinely different concepts together, give them enough budget to learn, and read them after.
More: Testing vs. scaling campaigns and how many ads per ad set.
Related: CBO, creative testing.