Using a sharp knife, cut the kernels from each ear of corn into a bowl. Once the kernels have been removed, use the back side of the knife to run down the cob and remove any additional juices, collecting the corn “milk” in the bowl with the kernels. Set aside.
Heat 1 tablespoon of olive oil in a medium skillet over low heat. Add shallot and cook for 3-4 minutes until soft and translucent.
Add the red bell pepper and jalapeño, turn the heat to medium high, and cook for another 3 minutes, stirring frequently.
Add the garlic and stir for 30 seconds.
Add the chili powder and cook for 1 minute, allowing the spices to bloom.
Add the corn to the skillet and stir to combine. Season the mixture with salt and freshly ground black pepper to taste. Cook for 2 minutes. Taste for seasonings and adjust as desired.
Add the cream to the corn mixture. Stir, allowing the flavors to meld, for 2 minutes. Remove the skillet from the heat and set aside.