Preheat oven to 300 degrees F. Beat the butter in a large bowl with a mixer on high speed until creamy, about 2 minutes. Reduce the speed to low and slowly add powdered sugar. Increase the speed to medium and beat the mixture until light and fluffy, about 2 minutes. Beat in eggs. one at a time, beating well after each addition. Beat in the vanilla. Slowly beat in the flour into the creamed mixture.
Heavily butter and dust with flour a 10-inch (12 cup) plain or decorative bundt pan; add almonds, then tilt the pan to coat inside with nuts. Add half the batter into the pan and smooth to even out (batter will be thick). Evenly distribute the mini chocolate chips over the batter. Add the remaining batter and smooth.
Bake until a toothpick inserted in center comes out clean, about 90-100 minutes. Let cool in pan on a wire rack for 10 minutes. Run a knife around the edges to loosen cake and invert out onto wire rack and let cool at least 1 hour. Serve slightly warm or at room temperature, cut into thin slices.
Make ahead: up to 2 days, stored at room temperature.