For the cake: Preheat the oven to 350 degrees F. Spray a 12-cup bundt pan well with nonstick cooking spray.
In a medium bowl, whisk together the flour, cocoa powder, baking powder and salt; set aside.
In a separate large bowl, combine the granulated sugar and butter. Using a handheld mixer, beat on medium-high speed until light and fluffy, about 3 minutes. Add the eggs one at a time, beating to combine after each addition. Add the vanilla; beat 1 more minute. Add a third of the dry ingredients and mix on low to combine. Add half of the wine and mix on low to combine. Repeat. Finish with the last addition of dry ingredients and the chocolate chips and fold in with a rubber spatula.
Pour the mixture into the prepared pan and smooth the top. Tap the pan on the counter to remove any air bubbles. Bake until a toothpick inserted in the middle comes out with just a few crumbs, about 45 minutes. Cool for 10 minutes in the pan before inverting onto a wire rack to cool completely.
For the glaze: In a small bowl, whisk together the powdered sugar and wine until smooth. Drizzle over the cooled cake. Allow the glaze to set for 30 minutes before serving.