Mix all ingredients, except chocolate chips, with electric mixer for 5 minutes. Fold 2/3 cup chocolate chips into batter. Batter will be used in 3 parts. Pour 2 cups of batter into prepared bundt pan, top with 2/3 cup chocolate chips. Top with another 2 cups of batter mixture, then remaining chocolate chips, with remaining cake batter on top.
Bake for 50-55 minutes or until cake tests done. Let stand in cake pan for 5 minutes before inverting onto plate. Cool completely and sprinkle with powdered sugar.