Using a stand mixer (or a hand mixer + large bowl), beat ricotta, cream cheese, and powdered sugar on medium-high speed until smooth, about 3-5 minutes. Add in vanilla extract and whip for another 30 seconds.
1 cup ricotta, 8 ounces cream cheese, 1 cup powdered sugar, 1 teaspoon vanilla extract
Taste test the dip - if you'd like it sweeter, add more powdered sugar, about 2 tablespoons at a time. You can safely add up to another 1/2 cup of powdered sugar (8 tablespoons) without negatively impacting consistency.
Fold in mini chocolate chips, reserving some to sprinkle on top for decoration, if desired.
2/3 cup mini chocolate chips
Serve dip immediately with broken waffle cones for dipping.
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