Preheat oven to 350 degrees F. Grease a bundt pan with butter and set aside.
In a medium bowl, whisk together the flour, baking powder, baking soda, salt, cinnamon, and nutmeg. Set aside.
In the bowl of a stand mixer, add the sugars and blend together. Once blended, pour in the melted butter and beat until sugar is evenly coated.
Add in the eggs, one at a time, allowing the egg to fully incorporate into the sugar mixture before adding the next. Repeat with all of the eggs.
Next, add in the applesauce, pumpkin, vanilla, and half and half. Beat until all ingredients are fully incorporated and smooth.
Slowly add the dry mixture to the wet ingredients and blend together until just combined. Be cautious not to over-mix! Finally, gently fold in the chocolate chips (if desired).
Pour batter evenly into the prepared bundt pan and baked for 60-70 minutes. Halfway through the cooking process, rotate the pan 180 degrees.
*Note: I also lightly placed a "tent" of aluminum foil on top of the bundt pan during the last 10 - 15 minutes of the cooking process. That way the top could cook, but not become overly browned.
Allow pumpkin bread to cool for 30 minutes in the pan, before transferring to a cooling rack. Allow to fully cool before slicing.
Recipe adapted from King Arthur Flour