In a mixing bowl, combine garlic powder, onion powder, chili powder, paprika, salt, and pepper. Add chicken and toss with your hands to coat the chicken with spices.
Select Sauté and preheat the Instant Pot. When hot, add the butter and oil and stir until butter is melted. Briefly sauté the chicken a few pieces at a time on both sides and remove to a plate.
When all the chicken has been sautéed. Add the chicken broth and chicken to the pot.
Lock the lid in place. Select Manual and adjust to high pressure. Adjust cooking time to 3 minutes. When time beeps, do a quick release to release the pressure.
In a small bowl, dissolve cornstarch in water. Push chicken to one side of the pot and add cornstarch mixture and stir to combine.
Select Sauté and stir constantly until sauce thickens. Turn off pressure cooker and gradually stir in heavy cream.
Serve chicken and sauce over spaghetti sprinkled with parsley. Enjoy!