Abstract: When recalling lists of concepts (e.g., animals) during the semantic fluency task (SFT), both humans and large language models (LLMs) organise their output into clusters of related items (e.g., sea animals) that are punctuated by strategic switches between clusters. In humans, this pattern can be explained by a semantic foraging process, whereby distinct neural and behavioural signatures accompany within-cluster production ("exploit") and between-cluster switching ("explore"). Whether LLMs likewise represent these two search regimes within their internal states is unknown. Here, we apply a range of mechanistic interpretability techniques to provide evidence for this. In Study 1, we use the Jacobian lens (J-lens), which maps intermediate-layer residual-stream representations to token-level activations, to show that concept-level activations predict switching. First, we find that switching coincides with low next-token activations. Moreover, the probability of switching rises as the set of strongest J-lens activations (the J-space) becomes depleted of items from the category currently being produced, analogous to explore-exploit decision-making during patch foraging. We then show that middle-layer J-lens activations of abstract category-related labels (e.g., "water") increase in anticipation of switching into that category. We confirm these representations to causally influence switching by deriving steering vectors that target category switching. In Study 2, we identify generic residual stream directions that are activated during and in anticipation of switching. By steering activations along these directions, we bias increased or decreased rates of switching. Our study extends the semantic foraging framework to artificial intelligences and provides evidence that LLMs maintain distinct representational signatures for exploration and exploitation as they verbalise conceptual information.