Preheat the oven to 325°F (163°C). Grease and line a 9×5-inch loaf pan with parchment paper.
Melt 1 cup of chocolate chips in a microwave-safe bowl in 30-second intervals, stirring until smooth. Set aside to cool.
In a medium bowl, whisk together flour, cocoa powder, baking soda, and salt.
In a stand mixer, beat eggs and sugar on medium-high speed until light and fluffy, about 5 minutes.
Add the cooled melted chocolate, oil, and water to the egg mixture. Mix until smooth.
Gradually add the dry ingredients and mix until just combined.
Pour the batter into the prepared loaf pan and bake for 85-90 minutes or until a toothpick inserted comes out with moist crumbs.
Let the loaf cool completely before adding the ganache.
For the ganache, heat heavy cream in a saucepan until simmering. Pour over ½ cup of milk chocolate chips and stir until smooth.
Drizzle the ganache over the cooled loaf and let it set for 10-15 minutes before slicing.
