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What does the info under "Applied rule" in the Adjustment Log mean?

Under Applied rule you'll see two pieces of information: the name of your automation and a so-called extension. The extension tells you which specific condition triggered the adjustment. Here's what each one means:

ACoS above target The actual ACoS is above your defined target ACoS. The bid is lowered to reduce advertising cost per sale.
ACoS below target The actual ACoS is below your target ACoS. There is room to invest more, so the bid is raised to gain additional visibility and revenue.
ROAS above target The actual ROAS is above your target ROAS. The bid is raised to turn this above-average efficiency into additional revenue.
ROAS below target The actual ROAS is below your target ROAS. The bid is lowered to bring efficiency back in line with your target.
No sales The keyword or search term has collected enough clicks and generated relevant costs without producing a single sale. The bid is lowered – how strongly depends on the adjustment strategy you selected (cautious, moderate or dynamic).
Low CTR The keyword receives many impressions but comparatively few clicks. A persistently low click-through rate indicates limited relevance of the placement, so the bid is reduced.
High Potential The keyword has not yet collected enough clicks for a regular evaluation, but already shows a click-through rate well above your account average, along with at least one sale. The bid is raised to act on this potential early instead of waiting for the full data set.
High Performing Similar to High Potential, but based on conversion rate: with still limited data, the keyword performs well above your account's average conversion rate and has already generated several sales. The bid is raised to scale this strong performance faster.
Bid much higher than CPC A safety limit: if an adjustment would result in a bid that is several times higher than the cost per click actually being paid, the new bid is automatically capped at a sensible maximum. This prevents unnecessarily high bids that wouldn't be used in practice anyway.