Peel and dice the potatoes into small cubes.
Chop the onion finely and mince the garlic.
Set the instant pot to sauté mode and add the onions.
Sauté the onions until translucent, about 3-4 minutes.
Add the minced garlic and cook for another minute.
Pour in the broth and stir.
Add the diced potatoes, salt, pepper, and thyme.
Close the lid and set to pressure cook for 10 minutes.
Release the pressure and open the lid.
Stir in the heavy cream and shredded cheese until melted and smooth.