In a large mixing bowl, beat the softened cream cheese with an electric mixer until smooth and creamy.
Gradually add the powdered sugar, mixing until well combined.
Add the sour cream, heavy cream, vanilla extract, cocoa powder, and red food coloring. Mix until the dip is smooth and evenly colored.
Gently fold in the mini chocolate chips.
Transfer the dip to a serving bowl and refrigerate for at least 30 minutes to allow the flavors to meld.
Serve chilled with graham crackers, fruit, or pretzels for dipping.