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As Bakugo is fighting Shigaraki, he has a vision of All Might that makes him realize he might die. This is where he remembers that he keeps that All Might card on him and he wishes that he had the legendary Hero sign it for him.
On the very last page of the chapter, we see Bakugo lying on the ground with the card next to him. His heart has stopped and we don’t know if he’s going to make it through.
Source: https://www.distractify.com/p/does-bakugo-die-in-the-manga
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