Japan's Nikkei share average closed at a near three-week low on Wednesday, with SoftBank Group leading the decline, as investors locked in profits on AI-related stocks that had powered the market's recent rally. The Nikkei slipped 1.23% to 59,804.41, its lowest close ‌since May 1. ⁠The ⁠index ended lower for a fifth consecutive session. The broader Topix declined 1.53% to 3,791.65. Market participants sold shares that had driven the Nikkei to record highs earlier this month, according to Kazuaki Shimada, chief strategist at IwaiCosmo Securities. "But this is an appropriate adjustment of Nikkei's reliance on a small group of shares." The Nikkei had ⁠reached an ‌all-time high of 63,799.32 on May 14. Among the biggest laggards, technology investor SoftBank Group tanked 6% on Wednesday ⁠and chip-making equipment maker Tokyo Electron lost 2.25%. Fibre optic cable maker Fujikura fell 8.25%, extending losses for a fifth consecutive session after reporting fiscal 2028 operating profit below market expectations. Fujikura, a supplier of materials used in AI data centres, had been one of the standout performers in the Nikkei's recent rally. "When Fujikura is sold, investors sell other technology stocks," Shimada ‌explained. He, however, added that declines in the sector remained limited ahead of AI chipmaker Nvidia's quarterly earnings later in the day. "If Nvidia's results ⁠are good, the shares may jump in the next session," he said. Shares of Advantest, a supplier for Nvidia, bucked the trend and ended 1.32% higher. Meanwhile, Ube Corp surged 20.92% to become the Nikkei's top percentage gainer after the cement maker announced plans to increase dividend payouts. Of the roughly 1,600 stocks traded on the Tokyo Stock Exchange's prime market, 81% fell, 16% advanced and 1% traded flat.