Add chocolate chips and peanut butter to a large bowl. Set aside.

In a small saucepan, heat the cream until hot but not yet simmering.

Pour the heated cream over the chocolate chips and peanut butter. Let sit without stirring for 5 minutes, then gently whisk the mixture until smooth. Cover the bowl with plastic wrap and refrigerate for 2 to 4 hours until well chilled.

Once the cream mixture is chilled, remove the bowl from the fridge and add the confectioners' sugar. Using a handheld electric mixer, whip the mixture on low speed until fluffy and a bit lighter in color. Be careful not to over-whip the mixture; it should be smooth and fluffy but thick, and over-whipping will cause it to become lumpy. Use immediately.