Step 1: Heat the olive oil in a large pot over medium heat. Add the diced onion and sauté until translucent, about 5 minutes.

Step 2: Add the chopped jalapeños and minced garlic to the pot. Sauté for an additional 3-4 minutes until the jalapeños soften and the garlic becomes fragrant.

Step 3: Pour in the chicken or vegetable broth, and bring the mixture to a simmer. Let it cook for about 10 minutes to allow the flavors to meld.

Step 4: Using an immersion blender, blend the soup until smooth. If you prefer a chunkier texture, blend only half the soup and leave the rest intact.

Step 5: Stir in the cream cheese, cheddar cheese, and heavy cream. Continue to cook over low heat, stirring occasionally until the cheeses melt and the bisque is creamy. Add smoked paprika, salt, and pepper to taste.