Preheat to 375F. Put a large pot of salted water on to boil and cook macaroni noodles for one minute less than package directions (since they'll go in the oven after). Set aside.
Grate cheese, dice jalapenos, cut cream cheese into cubes, and set aside. Begin to melt 4 tbsp (1/4 cup) of butter in a saucepan on medium heat.
When the butter is melted, add the diced jalapeno, garlic powder, onion powder, salt, and pepper. Cook on medium-high until soft, about 4-5 minutes. Stir regularly.
Next, add the flour to the melted butter mixture. Once the butter and flour are mixed and begin to form a paste, SLOWLY add the milk and cream. Stir constantly!
Once the roux is gently bubbling and has thickened up a little bit, add the cubed cream cheese and cook on low heat for a few minutes until melted. Once the cream cheese has melted, turn off the heat. Now, add shredded cheese and stir gently, allowing the remaining heat in the roux to melt the cheese - this stops it from getting stringy.
In a bowl, mix 1/2 cup of panko breadcrumbs with 1 tbsp. of melted butter.
When the roux and macaroni are done, combine in a greased baking dish. Top with panko mixture and bake at 375F for about 15 minutes, or until the top is lightly golden. Keep an eye on it so the breadcrumbs don't burn.
Serve, and enjoy!