Cut each slice of bread into thirds to make sticks. Cut a piece of parchment paper to fit the bottom of the air fryer basket.

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Preheat air fryer to 360 degrees F (180 degrees C).

Stir together eggs, milk, vanilla extract, cinnamon, and nutmeg in a bowl until well combined. Dip each piece of bread into egg mixture, making sure each piece is well submerged. Shake each bread stick to remove excess liquid and place in a single layer in the air fryer basket. Cook in batches, if necessary, to avoid overcrowding the fryer.

Cook for 5 minutes, turn bread pieces, and cook for an additional 5 minutes.