Prep: Preheat oven to 350°F (175°C). Grease and flour a bundt pan, or use a baking spray that contains both.
Cream Butter & Sugar: In a stand mixer, beat 1 cup softened butter with 2 cups sugar until light and fluffy.
Mix Dry Ingredients: In a separate bowl, whisk together 3 cups flour, ½ tsp baking powder, 1 tsp baking soda, ½ tsp salt, 2 tsp cinnamon, ½ tsp nutmeg, and ⅛ tsp cloves.
Add Eggs: Beat in 3 large eggs (or 4 small) to the butter mixture, one at a time, mixing well and scraping down the bowl as needed.
Add Pumpkin: Add the full can of pumpkin puree to the wet mixture and blend until smooth.
Combine: With mixer on low, gradually add dry ingredients to the wet ingredients, mixing until just incorporated. Do not overmix.
Add Chocolate Chips: Fold in 1½ cups chocolate chips, or let the mixer combine them briefly.
Bake: Spoon thick batter into prepared bundt pan. Spread evenly. Bake at 350°F for 50–60 minutes, or until a toothpick comes out clean (test around 50–55 minutes).
Cool: Let cake cool in pan at least 5 minutes, then turn out onto a wire rack to finish cooling.
Glaze (Optional): Whisk together 1 cup powdered sugar, ½ tsp vanilla, and enough cream (start with 1 tbsp and add more as needed) to create a pourable glaze. Drizzle over cooled cake.