Preheat oven to 350F. Grease a 9-inch springform pan and line the bottom with parchment. Pulse pistachios in a food processor until finely ground but not pasty, about 12 to 15 pulses. Reserve 2 tablespoons for topping.

Whisk together ground pistachios, flour, baking powder, and salt in a medium bowl until evenly combined.

Beat butter and sugar on medium-high speed until light and fluffy, 3 to 4 minutes. Scrape down the bowl, then add eggs one at a time, beating well after each. Mix in almond and vanilla extracts.

Reduce mixer to low. Add half the flour mixture, then the milk, then the remaining flour, mixing just until combined after each addition. Do not overmix.

Gently fold in raspberries with a spatula, trying not to break them. The batter will look streaky with pink; this is fine. Spread evenly in prepared pan and sprinkle reserved pistachios on top.

Bake until golden brown and a toothpick inserted in the center comes out clean, 45 to 50 minutes. The top should spring back when lightly pressed. Cool in pan 15 minutes, then release sides and cool completely on a wire rack.

Dust with powdered sugar just before serving. The cake keeps covered at room temperature for 2 days or refrigerated for 5 days.