If one didn’t land an internship for summer during their first year of MBA, is it over for investment banking or there still is a chance? What can one do?

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Generally, yes it's extremely unlikely

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There’s always a chance, but not great.

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It’s over 100%

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No. Just continue networking, and while you might not receive an offer at a firm you initially want, there’s always an opportunity you can secure.

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Are you in IB?

Never say never

Move on. Its not 100% over but you might be better off.

I would maintain the contacts you made during recruiting season (the really strong ones and people who liked you). I think the market will pick up in 2025/2026, as firms seek to exit more portcos, as a result there might be some adhoc or just in time hiring. Also, your classmates that are doing IB this summer, maintain those relationships too.
Keep doing technicals, watching the market, etc.

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