My Hero Academia Episode 123: The Ones Within Us

Deku and the heroes’ fight against Shigaraki reaches a turning point when Bakugo throws himself in the way of an attack meant for Deku, getting stabbed instead and telling Deku not to try to win alone. The blow sends Bakugo falling, but Shoto catches him before he hits the ground.

Inside the battle around Shigaraki, Deku is driven into a more desperate state and keeps pressing the attack, while Shigaraki tries to overwhelm him and seize One For All. As the struggle intensifies, the fight also shifts into the inner world connected to One For All, where the episode focuses on the clash between the force trying to take the power and the will of the people tied to it.

At the same time, the broader chaos of the war continues elsewhere. Gigantomachia keeps rampaging north, forcing heroes and evacuees to deal with his advance, and the battlefield remains too disrupted for easy communication or coordination.

Away from that main confrontation, Toga breaks away from the League and goes after Ochaco, confronting her directly and asking whether the heroes would kill her too, as they did Twice. Ochaco responds that her goal is to save as many people as possible, and if Toga gets in the way, she will be captured.

The episode ends with the conflict still unresolved on multiple fronts: Bakugo badly injured, Deku and Shigaraki locked in a dangerous struggle, Gigantomachia still on the move, and Toga and Ochaco beginning their own confrontation.