Preheat the oven to 350°F (175°C). Grease a 12-cup fluted tube (Bundt) pan with nonstick cooking spray and dust with 1 tablespoon of cocoa powder.

In a stand mixer, cream together butter and granulated sugar at medium speed until light and fluffy, about 4-5 minutes.

Add eggs one at a time, mixing well after each addition. Blend in vanilla with the final egg.

Reduce speed to low, gradually add 2 cups of powdered sugar, mixing until just combined.

In a separate bowl, whisk together flour and 3/4 cup cocoa powder. Gently stir dry ingredients into the wet mixture.

When almost fully combined, fold in the chocolate chips.

Pour the batter into the prepared pan and spread it evenly.

Bake for 1 hour or until the top is set and the edges begin to pull away from the pan.

Let the cake cool in the pan on a wire rack for 1 1/2 hours.

Invert the cake onto the rack and cool completely for another hour.

For the glaze, whisk together 3/4 cup powdered sugar, 1/4 cup cocoa powder, and 2 tablespoons milk. Adjust consistency with more milk if needed.

Drizzle the glaze over the cooled cake and let it set before serving.

Slice the cake and enjoy that rich, fudgy center!