Preheat your oven to 350°F (because everything cooks at 350°F) and grease and flour a bundt pan.
Mix all ingredients in a bowl and beat with an electric mixer for 3 minutes.
Add the bag of chocolate chips and blend with a spoon (give your beater a rest). If your bag is bigger than 12oz, you should use about 2 cups of chips.
Bake it for 1 hour and 20 minutes. Remove from oven and let it sit for about 15 minutes in the pan. At that point, providing that the pan was sufficiently greased (because everything’s better with lube) pop it out onto a cooling rack and let it cool for another 2 hours before serving.
This makes a LOT of batter and rises a quite a bit, so you're probably going to want to opt for a plain old bundt pan, and not one of those fancy decorative castle things. It also works nicely in mini-bundts, if you're looking to make a dozen or so.
I've also got it on good authority that it's very tasty if you slice it, butter it, and fry it.