Preheat oven to 325 F. Spray 2 (8 inch) cake pans with cooking spray then dust with flour. Whisk together flour (take out 2 Tbsp of the flour), baking powder and salt. Add the 2 Tbsp of flour to the chocolate chips and toss to combine. This helps the chips stay where they need to be and not sink to the bottom.
Cream the butter and sugar until light and fluffy, about 5 minutes. Scrape the sides and add the eggs one at a time. Beat for 1 minute in between each egg on medium speed. Add the vanilla. Slowly add the flour mixture and mix until just incorporated. It is not a bad idea to add the last bit of flour by hand. You want this cake to stay tender and over-mixing toughens it up. Fold in chocolate chips. Pour the batter evenly into the prepared pans. (I insulate mine with baking strips and put them on a baking sheet.) Bake for 50 – 60 minutes. Check on them around 30 minutes. If they are getting too brown, loosely tent some foil on top. The cakes are done when a knife comes out clean. Let the cake cool in the pans for 30 minutes. Turn the cakes out and let cool completely on a wire rack.
To make the frosting, cream the butter and one cup of powdered sugar. Slowly add the remaining sugar with the mixer on low speed. Add the vanilla. Add the heavy cream and beat on medium-high speed until light and fluffy. Add chocolate chips. Lay one layer on a cake plate and add about 1 cup of frosting. Spread evenly and add the second layer. Frost completely.
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