Preheat oven to 350°F (175°C). Grease and flour a 10-inch bundt pan or spray with nonstick spray and dust with cocoa powder.
In a large bowl, whisk together flour, sugar, cocoa powder, baking soda, baking powder, and salt.
In another bowl, whisk together vegetable oil, eggs, vanilla extract, sour cream, and buttermilk.
Slowly add the dry mixture to the wet ingredients, stirring until just combined. Do not overmix.
Stir in hot water and mini chocolate chips until evenly incorporated.
Pour the batter into the prepared bundt pan. Tap the pan gently on the counter to release any air bubbles.
Bake for 45–55 minutes, or until a toothpick inserted in the center comes out with just a few moist crumbs.
Let the cake cool in the pan for 15 minutes. Then carefully invert onto a cooling rack to cool completely.
(Optional) Once cooled, drizzle with glaze or ganache, or dust with powdered sugar before serving.