Place the chocolate chips in a glass bowl and microwave them for 90 seconds, at 50% power, stir and microwave again for 30 seconds at 50% power. Stir until smooth. Let cool to almost room temperature, do not skip the cooling step.
In a mixing bowl, beat the butter on medium speed until smooth. Add 1 cup of powdered sugar and beat again. Scrape the sides and add the remaining powdered sugar. Continue beating for about a minute, scraping the sides as needed, until the mixture is smooth and creamy.
Add the vanilla and the cooled chocolate and beat on high for about 2 minutes, scraping the sides as necessary, until the frosting is creamy, smooth, and very fluffy.
Spread across the cake of your choice, or just grab a spoon.
