Cut up the hearts of palm into chunks and place into the inner liner of your instant pot, along with liquid from the can.
Add onions, garlic, chicken broth, salt and pepper.
Cook on high pressure for 5 minutes, and let the pot sit undisturbed for 10 minutes
Release all remaining pressure.
Using an immersion blender, purée the soup until smooth.
Stir in the heavy cream, cheese, and nutmeg and pulse the immersion blender until everything is mixed well. If you are dairy-free, you can try full-fat coconut milk instead.