Preheat oven to 325 degrees F and generously grease a bundt pan with cooking spray and flour.
In a medium bowl, whisk the flour, baking powder, and baking soda together until well combined. Set aside.
In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl using an electric mixer, beat the butter and sugar together on medium speed until light and fluffy, about 1 minute.
Beat in the milk, oil, sour cream, and vanilla extract. Add in the eggs, one at a time, beating well after each addition, and scraping down the sides of the bowl with a rubber spatula as needed.
Add in the flour mixture, mixing just until combined. Finally, stir in the chocolate chips.
Pour the batter into the prepared pan. Bake for 55 to 60 minutes, or until the cake is golden brown AND a toothpick inserted into the center of the cake comes out clean. Allow the cake to cool in the pan, set on a wire rack, for 10 minutes. Then flip the cake onto the cooling rack and cool completely.