Heat olive oil in a large pot or Dutch oven over medium heat. Add the diced onion and sauté until translucent, about 5 minutes. Stir in the minced garlic and cook for an additional minute until fragrant.

Add the diced chicken breasts to the pot, cooking until no longer pink in the center, approximately 5-7 minutes. Make sure to stir occasionally.

Pour in the chicken broth and bring the mixture to a gentle simmer. Add the heavy cream, stirring to combine.

Stir in the shredded Monterey Jack cheese until melted and well combined. Add the diced green chilies, ground cumin, chili powder, garlic powder, onion powder, and season with salt and pepper to taste.

Allow the chili to simmer for an additional 10-15 minutes, stirring occasionally, until it thickens slightly and the flavors meld together.

Remove from heat and serve hot. Garnish with fresh cilantro if desired.

For added spice, you can include chopped jalapeños or a dash of cayenne pepper.

This chili can be made ahead of time and stored in the refrigerator for up to 3 days or frozen for longer storage.

You can easily adjust the thickness by adding more chicken broth or cream based on your preference.