Preheat oven to 350 degrees. Grease a 10 inch bundt pan and dust with cocoa. Place all ingredients in large bowl except chocolate chips. Beat 2 minutes with mixer on medium speed. Mix in chips with spoon. Pour in pan. Bake 50 minutes (or until done). Cool 10 minutes before removing from pan. Place warm cake on dish and glaze.
Glaze: 1 cup powdered sugar; 3 tablespoons milk; 1 teaspoon almond extract. Mix all ingredients in small bowl. Let stand at room temperature until cake is ready to glaze.