Heat a large skillet over medium-high heat, and add corn. Let corn cook until starting to toast and turn golden brown, about 5-10 minutes. Put toasted corn in a medium bowl, and set aside.
Heat the oil in a large pot over medium heat. Add the red pepper, onion, and carrots, and cook until slightly softened, 5 to 7 minutes. Reserving ¼ cup of the toasted corn, add the remaining corn and garlic powder to the veggies, and cook an additional minute. Add the broth, Sriracha, thyme sprigs, and bay leaf. Bring to a boil, then lower the heat and simmer for 35 minutes.
Remove and discard the thyme stems and bay leaves. Remove 1 cup of the veggies, and set aside. Working in batches, transfer soup, half at a time, to a blender, and blend until smooth. Or, use a handheld immersion blender to blend slightly.
Stir in the milk, salt, reserved veggies, and gnocchi. Cook for an additional 3 to 5 minutes, until soup is heated through and gnocchi is cooked.
Taste for seasonings, and add pepper to taste. Ladle the soup into bowls and garnish with reserved corn and additional thyme leaves.
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