Peel the shallot and finely chop. Peel garlic cloves and mince the garlic.
Cut each asparagus spear into several pieces, setting the tips aside.
In a medium pot, bring the stock and 1 cup water to a simmer over medium. Reduce heat to low and cover.
In a large skillet, heat the olive oil on medium-high heat. Add the shallot, garlic, and asparagus stalks (but not the tips of the spears).
Cook, stirring about 2-3 minutes.
Add the rice and stir for 1 minute.
Season with salt and pepper.
Add the wine, and stir until evaporated, about 1-2 minutes.
Add the broth mixture, 1 cup at a time, stirring between additions until almost absorbed, about 20-25 minutes.
Stir in asparagus tips and peas during last 5 minutes of cooking.
To finish, add the butter and the parmesan cheese and stir to combine.
Season to taste and serve.