Mix all ingredients together except chips. Stir those in last. Pour into two 9" round cake pans (or a bundt pan). Bake at 350 degrees for 20-30 minutes.
Whip the butter and shortening together. Add sugar and vanilla. Melt chocolate for 2 minutes on 50% power in the microwave and stir into shortening mixture. Makes enough for a 2-layer 9" cake