Place a large sauté pan over medium heat, add olive oil and heat through. Add the onions and sauté, stirring occasionally, until they are soft and translucent, about 4 minutes.
Remove the skillet from heat and add the tomatoes, chilies, and olives to the pan. Let the vegetables cool for about 5 minutes.
In a large mixing bowl stir together the cream cheese, half and half and red wine vinegar until combined. Stir in the spinach and cheese until combined.
Add the vegetables and season with chili powder, salt and pepper.
Spoon the mixture into a 2-quart baking dish and bake until the top is golden brown and bubbling, about 25 minutes. Let cool and serve with tortilla chips.