Prep the pan and oven. Heat the oven to 350°F (175°C).
Generously grease a 10–12 cup Bundt pan with butter and dust with flour, or use baking spray with flour. Tap out any excess.
Mix dry ingredients. In a medium bowl, whisk the flour, baking powder, baking soda, and salt. Set aside.
Cream butter and sugar. In a large bowl, beat the softened butter and granulated sugar on medium-high until light and fluffy, about 3 minutes.
Scrape the bowl as needed.
Add eggs and vanilla. Beat in the eggs one at a time, mixing well after each. Stir in the vanilla. The mixture should look smooth and creamy.
Add sour cream and oil. Mix in the sour cream and oil until combined.
The batter will look silky.
Alternate dry ingredients and milk. Add half the dry ingredients, mix on low just until combined. Pour in the milk, mix briefly. Add the remaining dry ingredients and mix until just incorporated.
Do not overmix.
Make the chocolate batter. In a small bowl, whisk the cocoa with hot coffee or water to form a thick, glossy paste. Scoop about 1 1/2 cups of the vanilla batter into the cocoa and fold gently to combine.
Layer and swirl. Spoon a third of the vanilla batter into the prepared Bundt pan. Add half the chocolate batter in dollops.
Repeat with another third of vanilla, then the remaining chocolate, finishing with the last of the vanilla. Use a thin knife or skewer to gently swirl in a figure-eight pattern 2–3 times. Don’t over-swirl.
Bake. Bake for 45–55 minutes, or until a toothpick inserted near the center comes out with a few moist crumbs but no wet batter.
The top should spring back when lightly pressed.
Cool properly. Let the cake cool in the pan for 12–15 minutes. Loosen edges with a thin spatula, then invert onto a wire rack. Cool completely before glazing or slicing.
Optional glaze. Whisk powdered sugar, milk, and vanilla until smooth and pourable.
Drizzle over the cooled cake. Let set for 15 minutes before serving.