Set your oven to 325°F and coat a 9×5-inch metal loaf pan with nonstick cooking spray.
Place the chocolate chips in a medium-sized microwave-safe bowl. Heat them in the microwave for 30 seconds at a time, stirring between each interval, until the chocolate is fully melted and smooth. Set the bowl aside to cool slightly while you work on the dry ingredients.
In a medium bowl, combine the flour, cocoa powder, baking soda, and salt, whisking them together until evenly mixed.
In the bowl of a stand mixer fitted with a paddle attachment, add the eggs and sugar. Beat on high until the mixture becomes pale and airy, around 5 minutes. Lower the mixer speed and gradually incorporate the melted chocolate, vegetable oil, and water, blending until the mixture is smooth and well combined.
Slowly incorporate the dry ingredients into the wet mixture, stirring until the batter is smooth and free of lumps.
Transfer the batter into the greased loaf pan. Bake for 85-90 minutes, or until a toothpick inserted into the center emerges with a few crumbs attached, but no raw batter.
Let the cake cool fully before topping it with the ganache.
How To Make Milk Chocolate Ganache
Put the chocolate chips in a bowl that's safe for heat. Set them aside while you warm the heavy cream.
Heat the heavy cream in a medium saucepan over medium-high heat until it begins to simmer, stirring occasionally. Watch closely to prevent it from scorching.
Pour the hot cream over the chocolate chips. Let it rest for about a minute, then gently stir until the chocolate is fully melted and smooth. Let the ganache cool and thicken a bit before drizzling it over the cooled bread.
After spreading the ganache over the loaf, let it sit for 10-15 minutes to set before slicing and serving.