Combine butter, cocoa, sugar, and evaporated milk in a medium saucepan over medium-high heat.
Heat mixture until boiling. Continue to boil for 7 minutes.
After 7 minutes, remove from heat and immediately stir in chocolate chips and vanilla. The chocolate chips should melt and the mixture should be smooth.
If your hot fudge sauce is lumpy, you can put it in the blender for a couple of minutes, but I didn't find that to be necessary.
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