Preheat the oven to 325°F. Arrange an oven rack in the center of the oven. Thoroughly grease and lightly flour a 12-cup bundt pan and set it aside.
Beat the butter and sugars together, on medium speed, until fluffy crumbs form. Add the eggs and vanilla extract, beat again until smooth. Add the milk, beat on low speed to combine. Add the flour, baking powder, and salt. Beat again, just until combined. Stir in the chocolate chips and pecans.
Pour the batter into the prepared pan. Bake for 60-65 minutes, until deep golden brown and a toothpick inserted comes out clean or with moist crumbs. Cool in the pan on a wire rack for 15 minutes. After 15 minutes, place the cooling rack on top of the cake, hold the sides firmly and invert the pan over the rack. The cake should drop smoothly out of the pan. Tap firmly on the pan with a wooden spoon, if necessary to free the cake from the pan. Let the cake cool completely.
To make the frosting, combine the chocolate chips and butter in a small glass bowl. Microwave at 50% POWER for 90 seconds. Stir to combine. Microwave an additional 30 seconds at full power and stir again. Microwave 30 seconds more, if needed, and stir until the chocolate has melted.
Pour the frosting over the cake. The frosting will harden as it cools. Store at room temperature, loosely covered, preferably not airtight. This cake will keep nicely for 2-3 days. Enjoy!
COOK’S NOTE: A 10-cup bundt pan will also work for this recipe. The cake will simply be more rounded on the bottom after it is removed from the pan.