Academic here. It's actually great for us. You're usually the first to see the implications for your niche area and have a chance to get a hot paper out rather than a moderately impactful one.

The perspective changes if you're in your last year of PhD as GP said. I'm sure the system is built in a way that you'll still graduate because your supervisor knows this is about learning how to conduct research and not about being right. But it's likely still soul crushing to come out with no published paper (unless you still publish knowing you're wrong, which in some cases might be valuable).