He's not just under the air cell, he's malepositioned. He pipped the wrong end of the air cell. The pip is all the way through the membrane right? I would keep an eye on him. If he's pipped through the shell and membrane he may be ok as long as he is getting outside air. Keep an eye on his progress and read this resource: https://www.backyardchickens.com/a/step-by-step-guide-to-assisted-hatching
It has a good section at the bottom on malepositioned chicks and helping if it becomes neccessary.