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This could be for many reasons.
1. We’re just coming off of Thanksgiving… if you’re not in consumer goods some competitors might have paused campaigns and just turned them back on.
2. Your P-Max campaign is finding it’s footing with respect to conversions and bidding up on queries that are more likely to convert… this will often happen if it’s outperforming your tROAS or tCPA
3. Unrelated changes in supply and demand, or changes you’ve made to the campaign influencing bidding/spending
4. I would normally suggest a change in inventory, but if that hasn’t migrated from display/video as you’ve suggested it hasn’t this won’t apply.
