Cook the Pasta: Bring a large pot of salted water to a rolling boil. Add pasta and cook for 1 minute less than the package’s al dente instructions. Reserve 250 ml (1 cup) of pasta water, then drain and set aside.
Sauté the Chicken: In a large skillet or Dutch oven, heat olive oil and butter over medium heat until the butter melts. Add chicken pieces in a single layer. Cook for 6–7 minutes, turning occasionally, until golden brown and cooked through. Transfer to a plate and cover loosely.
Build the Sauce Base: Reduce heat to medium-low. Add diced shallot and minced garlic to the skillet. Sauté for 1–2 minutes until softened and fragrant. Stir in tomato paste and cook for 1 minute to caramelize slightly. Pour in chicken stock, scraping any browned bits from the pan, and bring to a gentle simmer.
Incorporate Cream Cheese: Add softened cream cheese to the skillet. Whisk continuously until fully melted and smooth, about 2–3 minutes. Stir in buffalo wing sauce and ranch dressing until combined.
Combine Pasta and Chicken: Return cooked chicken and drained pasta to the skillet. Toss thoroughly to coat in the sauce. If the mixture appears thick, add reserved pasta water 1 tbsp at a time until desired consistency is achieved.
Finish with Cheese: Sprinkle grated cheddar and Monterey Jack cheeses over the pasta. Gently fold until cheeses melt and the sauce becomes velvety, about 1–2 minutes. Season with salt and pepper to taste.
Serve Immediately: Divide into bowls and garnish with optional chopped parsley or extra buffalo sauce. Best enjoyed fresh.