Preheat the oven to 350°F and line two baking sheets with a silicon baking mat or parchment paper.

Place the butter, cream cheese, both sugars, baking soda, salt, and vanilla extract in the bowl of a stand mixer fitted with a paddle attachment. Mix on medium speed until creamy and uniform, about 1 to 2 minutes.

Scrape down the sides of the bowl and add the egg. Mix to incorporate on medium speed. Repeat with the egg yolk and then add the red food coloring, mixing on low speed to avoid splattering.

Mix on low until the dry ingredients (flour and cocoa powder) are just absorbed.

Add 1 1/2 cups of the baking chips to the dough, reserving 1/2 cup for topping. Mix slowly until evenly distributed.

Wet your hands and roll 1-inch balls of dough, placing them on the prepared baking sheet.

Bake the cookies for 11 to 13 minutes or until the edges are dry and set. The cookies will look puffed.

While the cookies are still warm, press several white chips into the top of the cookies. Let cool on the baking sheet for 5 minutes before transferring to a wire cooling rack.