Preheat the oven to 325 degrees F. Spray your bundt pan with non-stick spray, generously dust with cocoa powder or flour, and set aside.
Combine the flour, sugar, cocoa, baking soda, baking powder, and salt into the bowl of an electric mixer fitted with a paddle attachment and mix on low speed until combined.
In another bowl, combine the buttermilk, water, oil, eggs, and vanilla.
With the mixer on low speed, slowly add the wet ingredients to the dry, scraping the bottom of the bowl with a rubber spatula. Fold in the chocolate chips.
Pour the batter into the bundt pan and bake for 40 to 50 minutes (mine took exactly 45) or until a toothpick inserted in the center of the cake comes out with a few moist crumbs on it.
Cool in the pan completely before inverting onto a cake stand.