Yes, they dry up, shrivel, nothing happens.
I honestly couldn't give a single reason - sometimes I think the plant is still too small to support a big spike/has a poor root system, maybe it was too hot, too cold, too drafty.
My Vanda coerulescens was sitting right on the glass in full sun producing 2 really nice spikes, I noticed the buds on top on the first spike to turn brown, so I moved the plant further into the bench away from the glass. The other spike is now making it without any problem.
Also - I received a couple of years ago a nice division of Schomburgkia superbiens alba. This Winter it finally showed 2 nice fat spikes. I noticed a couple of weeks that they totally halted, I don't think they are going to make it this year. Perhaps the next new growth is strong enough and will finally bloom.