In a microwave-safe bowl, add the chocolate chips and whipping cream. Microwave for 30 seconds, stir and then continue cooking for 15 seconds at a time; mixing between each time.
Once the chocolate is completely melted take the bowl out of the microwave, stir it together and set the bowl aside. NOTE: it might look lumpy before it's stirred then will become smooth.
In a large bowl, cream together the powdered sugar and cream cheese until smooth.
Add in the melted chocolate mixture and mix until well combined. NOTE: The mixture will be very soft and runny. To thicken the frosting place the bowl of frosting in the refrigerator until it has reached the desired consistency (estimate: 15 minutes in the freezer or 20-320 minutes in the refrigerator).
Remove from the fridge and beat with the mixer to fluff it up. It will be a fudgy consistency.