Heat a large pot or dutch oven over medium-high heat for 2-3 minutes.
Melt the butter in the hot pan, stirring and being careful not to let it burn.
Add the chopped ham and brown for 2-3 minutes stirring constantly. Remove the ham and set aside.
Reduce to medium heat, and add onion, jalapeno, and garlic. Cook until the onion is transparent, about 3-5 minutes.
Stir in the nutmeg.
Add the chicken broth and pumpkin, stir and heat through until combined.
Add salt and pepper to taste.
Cover and simmer over low heat for 30 minutes, stirring occasionally.
Break the cream cheese up into smaller pieces. Add it and the whipping cream and stir until melted and combined.
Add the chopped ham and the cheddar cheese and stir until the cheese is melted.