I plugged the hand into ICMizer telling the program, it was a 1.500 man "big". In those 278 places pay, so I told the program 279 were left. In that way we were still on the bubble, and it should make almost no difference, that this tournament was a bit larger. As for all the unknown stack sizes I put them on 30BB, which should be close enough to the situation on a typical bubble.
As expected Heros jamming range is rather narrow, but AK is part of it. Hero should jam TT+, AQ+, KQ, AJs, KTs+. This is the NASH equilibrium, if everyone play optimal ranges. UTG should open 31% of hands and only continue with 2,5%. UTG+1 should call 22% of hands and only continue with 3,7%. In this situation Hero makes a profit of 0,02% of the price pool jamming AKs.
Now we have information, that UTG+1 is a whale, so lets see, what happen, if we widen his range. Lets say he call 50% of hands and then continue with 25% facing a jam from Hero. I think, these are pretty fair ranges for a whale. Now Hero should only jam TT+, AK and AQs, but AKs still makes Hero 0,02% of the price pool.
Now lets go to the extreme and say, the whale never folds. He is calling 100% of hands and calling 100% of hands, when Hero jam. Now Heros jamming range change to 88+, and jamming AKs has an EV of 0,00% of the price pool, which mean its close to break even but negative EV.
So Hero does have a point, that its bad for AKs in this situation to have a whale in the hand, that is less likely to fold. However I have yet to see a whale, who NEVER fold to an all-in shove. So the middle scenario, where he initially call 50% and then call the jam with 25% of hands, is much more realistic. And even in the unrealistic scenario, where the whale never fold, jamming is close to neutral EV.
Also this calculation does not take into account the fact, that Hero might cash, if someone with a shorter stack busts at another table in the same hand. And with 450 players left this is very likely to be the case. To simulate that we can pretend, we are in the money already. In the optimal scenario this hardly changes Heros range. However if we put the whale on 100% of hands, now Heros jamming range becomes 77+, AQ+, ATs+, KJs+, and now jamming AKs nets Hero 0,03% of the price pool, so it actually becomes even more profitable.
The truth is somewhere in between these results, but the conclusion is still, that AKs is a profitable jam. And whenever that is the case, we clearly should not fold. Only question left is, if just calling is better. And I can see some advantages of that play. We have position, and if the whale is really that bad, we might stand to make a lot of chips from him after the flop, when we connect. It also gives us more chances to use our time bank and see, if someone has already busted, before we decide, if we want to move all in.