Hi Jonathan, 

The limit of 10,000 that you pointed out applies to negative keywords per 
campaign. In addition to that you should also note that there is a limit 
<https://support.google.com/adwords/answer/6372658?hl=en> of 1 million 
campaign targeting items per account (such as location targets and 
campaign-level negative keywords etc). This limit will consider the 
positive and negative targeting criterion at the campaign level. That said, 
the number of excluded placements per campaign will be counted in this 
limit and is not unlimited. Since this is a system level limitation, there 
might not be a means to bypass this. 

My suggestion is to post your question on the advertisers community forum 
<https://www.en.advertisercommunity.com/t5/Google-AdWords/ct-p/Google_AdWords#> 
so 
see how you can structure your negative targeting criterion (keywords and 
placements) at the campaign level. The product experts there might be able 
to provide you some tips on optimization. 

Thanks,
Sreelakshmi, AdWords API Team

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