In a small saucepan, combine 6 ounces pepper jack cheese, 2 ounces sharp cheddar cheese and 1 tablespoon cornstarch. Toss until the cheese is evenly coated.
Stir in 12 ounces evaporated milk and 1/2 teaspoon kosher salt. Heat over medium-low heat, whisking often, just until the cheese is melted and smooth, about 3 to 5 minutes. Reduce heat to low, cover, and keep warm until serving time.
Notes
Grate the cheese yourself. Pre-shredded cheese is coated with starch so the shreds don't stick together, and it won't melt smoothly.
Start with 1/2 teaspoon salt. The cheese is already salty, so taste and add more if needed.
To keep it warm, leave it covered on the lowest burner setting or move it to a small slow cooker on warm. Keep it at 140°F or above, and don't leave it at room temperature for more than 2 hours.
Store leftovers in an airtight container in the fridge for 3 to 4 days. Reheat over low heat or in the microwave at 50% power, stirring often.
For more flavor, stir in roasted green chile or a pinch of taco seasoning or cumin.