I suppose eventually they lose so much energy that they just stop existing. (IIRC, Heisenberg’s uncertainty principle can also be expressed as a function of energy and time.)
It wears out and dies, and darned if it always doesn’t happen right after the warranty expires.
Seriously… when a photon of light encounters matter, it comes to an end. It is absorbed and radiated as either a different photon of light, or some other type of energy. There’s another active thread on this right now with some nice analogies, but I can’t be arsed to dig it up.
There’s no such thing as a ray of light. The waves in the electromagnetic field from a point generating source have lower amplitudes farther from the source, but it’s the mode of vibration in spacetime of the field as a whole which is a photon. Nothing really dissipates or diminishes.
The wavelength increases as the universe is expanding, so that would indicate a loss of energy, maybe more like a lose of entropy, as your not suppose to be able to loose energy.
Back to the OP, we know we can see the farthest galaxies, quasars, and other early universe objects. Those photons have been traveling effectively as far as photons can go in our observable universe. They have not faded out or lost energy (despite the efforts of some who wish to believe that the redshift is caused by something other than distance and relative speed).