In a small saucepan, warm the stock and 1 cup water over low heat.
In a large skillet, heat the oil over medium-high. Add the speck or bacon and cook, stirring often, until beginning to crisp, 2 to 3 minutes. Add the onion and garlic and stir until softened, about 2 minutes. Add the rice and stir 1 minute. Stir in the thyme and season with salt and pepper. Add the wine and stir until absorbed, 3 to 5 minutes. Add the warm stock 1 cup at a time, allowing it to be absorbed between additions and stirring constantly, until the rice is al dente, 18 to 20 minutes. Add 1 cup cheese and the butter; stir until melted.
Add the spinach; stir until wilted, about 1 minute; add nutmeg and season. Top with more cheese.