To a medium saucepot preheated over moderate heat, add about 2 tablespoons extra-virgin olive oil, 2 turns of the pan in a slow stream. Add butter to oil. When butter melts, add garlic and onions to the pot. Sprinkle in thyme leaves. Saute 2 minutes, add chopped red pepper. Saute mixture a minute more. Sprinkle in flour, stir to coat vegetables. Cook flour 1 minute. Whisk in wine and reduce by half. Whisk in stock and thicken sauce 1 minute. Stir in half-and-half or cream. When sauce returns to a bubble, add artichokes, spinach and cheeses. Keep stirring until cheeses melt and sauce is well combined. Add salt and pepper and adjust seasonings, to your taste.
Pour dip into hollow bread bowl on serving platter and surround with sliced multi or whole grain bread for dipping. Reserve extra dip to warm and refill as necessary. Cut up bread bowl when baguette slices are gone -- the bowl is the best part as it absorbs juices from the dip.