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Place a fine-mesh sieve over a large liquid measuring cup. Pour the tomatoes and green chiles into the sieve and press with a spatula to squeeze out all the liquid (about 1/2 cup). Put the tomatoes and green chiles into a small bowl and set aside.
Combine the reserved liquid, cashews, cumin, garlic powder, onion powder, chili powder, turmeric, cayenne, 1 teaspoon salt and 3/4 cup water in a 9-inch skillet over high heat. Bring to a boil, then reduce the heat to a simmer and let cook, stirring occasionally, until the cashews are tender, about 10 minutes.
Transfer the mixture to a high-powered blender. Add the nutritional yeast, roasted red peppers, vinegar, hot sauce, 2 tablespoons of the reserved tomatoes and green chiles and 1 cup water. Blend until smooth and creamy, scraping down the sides of the blender as needed.
Transfer the mixture back to the cast-iron skillet. Heat gently over low heat, stirring occasionally, until thickened and scoopable, about 10 minutes.
Garnish with the remaining tomatoes and green chiles, the jalapenos and cilantro.
Serve with tortilla chips.
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