Heat oven to 325°F. Grease and flour 12-cup Bundt® pan. In large bowl, combine all cake ingredients except chocolate chips; beat at low speed until moistened. Beat 2 minutes at high speed. Fold in 1 cup chocolate chips. Pour into greased and floured pan.
Bake at 325°F. for 60 to 75 minutes or until edges begin to pull away from sides of pan. Cool 15 minutes. Invert cake onto serving plate.
In small saucepan, combine powdered sugar, 2 tablespoons of the milk and 1/2 cup chocolate chips. Cook over low heat until chocolate chips are melted and mixture is smooth, stirring constantly. Add enough milk for desired consistency. Slowly pour and spread glaze over warm cake. Cool 30 minutes or until completely cooled.