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This rich cake highlights one of our favorite pairings: chocolate and peanut butter. The batter is made with both chocolate chips and cocoa powder, while the glaze is made with both peanut butter spread and crunchy peanuts for delightful texture.
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Place an oven rack in the center of the oven, then preheat to 325°F. In a large bowl, combine the butter and half the chocolate chips. Working in 30 second increments, microwave on high until melted and smooth (or melt in a small pot on the stove, then transfer to a large bowl). Add the granulated sugar, flour, cocoa powder, baking powder, and 2/3 cup of water; whisk to combine. Add the remaining chocolate chips and stir until just combined.
Lightly grease an 8-inch square baking dish (or line with parchment paper). Transfer the batter to the prepared dish and spread into an even layer. Bake 20 to 25 minutes, or until a toothpick inserted in the middle comes out with a few moist crumbs. Transfer the baking dish to a cooling rack and let stand at least 1 hour, or until room temperature.
Finely chop the peanuts. In a bowl, combine the powdered sugar, peanut butter spread, and 2 tablespoons of water; whisk to thoroughly combine (add up to 1 tablespoon of water to reach your desired consistency). Add the chopped peanuts and stir to combine. When ready to serve, invert the cooled cake onto a serving dish. Top with the glaze; spread into an even layer. Cut into equal-sized pieces. Enjoy!
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