Preheat the air fryer to 350 degrees.
Break the woody part of each stem off of the asparagus spears.
Place the asparagus into a mixing bowl, and add the olive oil, garlic powder, as well as salt and pepper to taste. Toss to combine well.
Separate the asparagus spears into 5 even bundles.
Wrap each bundle of asparagus around the bottom with a strip of bacon.
Cook the asparagus bundles for 8-12 minutes depending on the side of your spears and bundles. You want the bacon to start to be crispy and the spears to become tender.
Top the bundles with the Parmesan cheese and continue to cook for another 2-3 minutes before serving.