Preheat the oven to 350 degrees Fahrenheit.
Grease or spray an 8x8 inch pan. (Make sure this pan is at least 2 inch deep.)
Add the room temperature butter and granulated sugar to a large mixing bowl and mix on medium-high speed for 3-4 minutes until light and fluffy. Scrape down the sides and the bottom of the bowl.
Add the eggs one at a time, mixing on medium speed for about 20 seconds after each egg. Scrape down the sides and the bottom of the bowl.
In a small bowl or large measuring cup, add the sour cream, milk, vanilla extract and oil. Whisk well and set aside.
In another medium sized bowl, whisk together the flour, baking powder,baking soda and salt. Set aside.
Alternately add in the dry mixture and the liquid mixture to the butter/sugar mixture, starting and ending with the dry mixture as follows:Add in a third of the dry mixture and mix on medium speed only until just combined (about 10-15 seconds only).Add in half of the liquid mixture, mixing on medium speed only until just combined (about 10-15 seconds only).Add in another third of the dry mixture, mixing on medium speed only until just combined (about 10-15 seconds only).Add in the last half of the liquid mixture, mixing on medium speed only until just combined (about 10-15 seconds only).Add the last third of the flour mixture and mix on medium speed only until just combined (about 15 seconds only). Scrape down the sides of the bowl and mix again on medium speed only for about 10 seconds or feel free to mix by hand at this point just using a large spoon or silicone spatula.
IMPORTANT NOTE ABOUT SCRATCH CAKES: Be very careful only to mix until well combined. Once the batter is well combined, stop mixing. The batter does not have to be silky smooth. Mixing scratch cake batter too long and/or at too high of a speed can cause the gluten in the flour to over-develop and that will cause the cake to come out dense, rubbery or it may fall in the middle.
Add the 1 cup of chocolate chips and fold them into the batter using a spatula or spoon being careful not to mix the batter too much.
Add the batter into the prepared pan. The batter will be quite thick because of the sour cream, however that’s what makes it so moist and the texture so great. Sprinkle the crumb topping over the cake batter, then sprinkle the reserved ½ cup chocolate chips evenly over the topping.
Bake at 350 degrees for approximately 50-60 minutes. Ovens vary, so your bake time could be a little less or a little more. Start watching it closely around the 40 minute mark. Expect this cake to take a while to bake since the batter is thick and this cake will bake up flat on the top, without a dome. When the cake is done, the top will be golden brown in the middle and a rich dark brown around the edges. The middle of the cake will not be jiggly and a toothpick inserted into the center will come out either clean or with a few moist crumbs. IMPORTANT: About halfway through the baking time, or any time thereafter, if you notice the topping getting very brown, feel free to lay a piece of foil over the cake to keep it from over-browning. I do this a little after halfway through baking.
Set the baked cake on a wire rack to cool for at least 30 minutes before serving. This cake is best served warm or at room-temperature.