Preheat oven to 350 degrees F (175 degrees C). Grease a 9-inch springform pan.
Combine flour, baking powder, baking soda, and salt in a bowl.
Beat butter and cream cheese in a large bowl with an electric mixer until well-blended, about 30 seconds. Beat in 1 1/4 cups sugar and vanilla extract until mixture is light and fluffy. Add eggs one at a time, allowing each egg to blend into the butter mixture before adding the next. Pour in the flour mixture alternately with the milk, mixing until just incorporated. Fold in chocolate chips; mixing just enough to evenly combine. Pour the batter into prepared pan.
Mix pecans, 1/4 cup sugar, and cinnamon in a small bowl; sprinkle over batter.
Bake in the preheated oven until a toothpick inserted into the center comes out clean, 50 to 55 minutes. Cool in the pans for 10 minutes before removing to cool on a wire rack. Serve warm.
