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Preheat the air fryer at 360°F for 10 minutes.
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While the air fryer is heating, in a large bowl, add the macaroni noodles, half and half, Velveeta, 1 cup of the shredded cheddar, butter, garlic powder, black pepper, onion powder, cayenne (if using), and salt.
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Stir to combine.
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Spray an air fryer baking dish with cooking spray and pour the mixture into the dish.
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Air fry for 15-18 minutes (please see my note below about cook times).
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Stir every 5 minutes to incorporate the ingredients together.
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Add the remaining shredded cheese evenly on top.
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Air fry an additional 2-3 minutes until melted and slightly browned. Serve immediately.