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 cream cheese together on medium speed until smooth and creamy, about 1 minute.
Gradually add in the sugar, then increase the speed to medium-high and continue beating until light and fluffy, about 3 minutes. Beat in the vanilla and almond extract.
Reduce the speed to medium-low, then add in the eggs, one at a time, beating well after each addition, and scraping down the sides of the bowl as needed. Beat in the milk and oil.
Reduce the speed to low and add in the flour mixture, mixing just until combined. Finally, fold in the sprinkles.
Generously grease a bundt pan and 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 for a few more hours.