Preheat oven to 350°F. Beat all ingredients, except chocolate chips, in large bowl with electric mixer on low speed just to moisten. Beat on medium speed 2 minutes.
Stir in chocolate chips. Pour into greased and floured 12-cup Bundt pan.
Bake 50 minutes or until toothpick inserted in center comes out clean. Cool in pan 10 minutes. Invert cake onto wire rack. Cool completely. Sprinkle with confectioners' sugar or drizzle with Vanilla Butter Glaze (recipe follows), if desired.