Beat first 4 ingredients at medium speed with an electric mixer until well blended. Add eggs, 1 at a time, beating just until blended after each addition.
Combine flour and baking powder in a small bowl; add to butter mixture alternately with milk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in vanilla and chocolate morsels. Pour batter into a greased and floured 10-inch Bundt pan.
Bake at 325° for 55 to 60 minutes or until a wooden pick inserted in center comes out clean. Cool in pan on a wire rack 15 minutes. Remove from pan; cool completely on wire rack. Drizzle Chocolate Glaze evenly over cooled cake; let stand 30 minutes or until set.