In the bowl of a stand mixer fitted with the paddle attachment, beat butter and sugars at medium speed until light and fluffy, 3 to 4 minutes, stopping to scrape sides of bowl. Add eggs, one at a time, beating well after each addition. Beat in vanilla.

In a large bowl, whisk together flour, baking powder, and salt. With mixer on low speed, add flour mixture to butter mixture in three additions alternately with buttermilk, beginning and ending with flour mixture, beating until just combined after each addition. Fold in chocolate chips until just combined.

Spray a 10-cup Bundt pan with baking spray with flour. Spread batter into prepared pan, smoothing with an offset spatula as needed. Firmly tap pan on a kitchen towel-lined counter several times to settle batter.

Bake until a wooden pick inserted near center comes out clean, 50 to 55 minutes, covering with foil halfway through baking to prevent excess browning. Let cool in pan for 15 minutes. Invert cake onto a wire rack, and let cool completely.