Preheat the oven to 300°F.
In a large bowl or stand mixer, beat 24 ounces cream cheese and ½ cup granulated sugar until fluffy.
Gradually beat in 14 ounces sweetened condensed milk.
Melt 10 ounces peanut butter chips in a microwave-safe bowl at 30-second intervals, stirring between each addition, until smooth. Stir in ¼ cup creamy peanut butter until smooth. Add the melted peanut butter mixture to the cream cheese and beat until smooth.
Beat in 4 large eggs, one at a time, mixing for a few seconds after each addition.
Add in 2 teaspoons vanilla extract and mix until fully combines
Pour into the prepared crust, using a rubber spatula to even out.
Place the springform pan in a larger baking pan and fill the larger pan with water until it's about halfway up the sides of the springform pan to create the water bath. This helps prevent your cheesecake from cracking. You can wrap the bottom of your springform pan with aluminum foil to prevent any water from leaking in.
Bake for 60 to 70 minutes or until the center is almost set and has a matte/dull appearance.
Remove from the oven and immediately run a pairing knife along the edge of the cheesecake to loosen it from the side of the pan. This will help prevent cracks in the top of the cheesecake.
Transfer to a cooling rack and cool to room temperature for about 2 hours.