Preheat the oven to 350 F or 180 C.
Grease two 9-inch baking pans with butter (or just grease a 9x13 inch rectangular pan). Place one of the cake pans on a piece of parchment paper and trace around it to form a circle. Cut two circles of the same size and place at the bottom of the buttered cake pan, pressing down so that the paper sticks well. Dust the buttered/lined pan with flour, tapping out the excess to coat. Do this with the other pan as well, and set aside.
In a large bowl, blend together the pumpkin puree, oil, vanilla and eggs until smooth. Add the granulated sugar and continue to mix (In the video, I added the sugar after the spices/leavening agents but it doesn't matter whether you do it here or later as long as you get it in before the flour).
Stir in the baking powder, baking soda, salt, cinnamon and nutmeg.
Gradually mix in the flour, until the batter is slightly thick and smooth, being careful to scrape down the bottom of the bowl to make sure that all the flour is well-incorporated and that you do not over-mix, as over-mixing can result in a tough cake.
Finally, fold in the chocolate chips and walnuts just until combined.
Divide the batter evenly between the two prepared pans and bake for 25-30 minutes or until a toothpick inserted comes out clean, then cool completely.
In the meantime, prepare the frosting.