Preheat oven to 350F. Line a 9×13-inch pan with aluminum foil and spray with cooking spray; set aside.
Make cake according to package directions (likely adding 3 eggs, water, and oil) and bake as directed (likely about 25 to 28 minutes).
Remove cake from the oven when it’s done, allow it to cool for about 5 minutes, and then using the blunt end of a wooden spoon, poke holes over the surface of the cake. I didn’t count but I estimate I poked about 60 holes, evenly spaced over the surface.
Slowly pour the sweetened condensed milk over the holes, taking your time to evenly distribute it so that all the holes receive some.
Place cake in fridge to cool for at least 10 minutes while you make the frosting or before adding canned frosting so it doesn’t melt.
To the bowl of a stand mixer fitted with the paddle attachment (or large bowl and handheld electric mixer) add the cream cheese, butter, confectioners’ sugar, vanilla, salt, and beat on medium-high speed until fluffy. Add additional confectioners’ sugar if necessary for consistency.
Turn frosting out onto cake and spread into a smooth, even, flat layer using a spatula or knife.
Evenly sprinkle with chocolate chips.
Refrigerate cake for at least 4 hours, or overnight, before serving.