In a stand mixer bowl, cream together the softened butter, white sugar, and brown sugar on medium speed until light and fluffy, approximately 3 minutes.

Add the eggs one at a time, beating well after each addition, then incorporate the vanilla extract.

In a separate medium bowl, whisk together the all-purpose flour, baking soda, and salt.

Gradually add the dry ingredients to the wet ingredients on low speed until just combined.

Fold in the semi-sweet chocolate chips and rainbow sprinkles using a spatula to avoid overmixing.

Cover the dough and refrigerate for at least 60 minutes to prevent excessive spreading during baking.

Preheat the oven to 375°F (190°C) and line two large baking sheets with parchment paper.

Scoop rounded tablespoons of chilled dough onto the prepared sheets, spacing them 2 inches apart.

Bake for 10 to 12 minutes or until the edges are golden brown while the centers remain soft.

Let the cookies rest on the baking sheet for 5 minutes before transferring them to a wire cooling rack.