The unintelligent consider Me as the Unmanifest who has come to manifestation, not knowing My supreme, immutable and transcendent nature.

The abuddhayaḥ (endowed with little buddhi) think that Kṛṣṇa was previously avyakta (unmanifested, formless) and now is vyakti (manifested, with form). It is a historical view.

They ignore param bhāva — the superior nature. Kṛṣṇa is avyaya (imperishable) and uttama (supreme). His “incarnation” is not limitation, but voluntary condescension.