Scoop the baked potato from the skins and set aside.
Add 2-3 tablespoons of butter to a large Dutch oven over medium heat and let melt. Add finely diced onion. Cook until onions are softened, 5-7 minutes, stirring frequently.
Add 4 cups chicken or vegetable stock, 3 (4 ounce) cans diced green chiles, 1-2 (4 ounce) can(s) diced jalapenos, 2 teaspoons garlic powder, and ¼ teaspoon white pepper to the Dutch oven. Bring to a simmer for 5 minutes.
Reduce heat to medium-low and buzz with a stick blender. I don’t go for perfectly smooth as I like it a little rustic.
Add 1 ½ cups cheddar cheese and stir until melted.
Bring the heat back up to medium (a gentle simmer) and add the baked potatoes. Continue cooking for another 10 minutes.
Reduce heat to low and stir in ½ cup cream or sour cream.
Serve. Garnish with shredded cheese or bacon bits.
*You may not need to add salt depending on the amount of sodium in the chicken or vegetable stock you use.