Although previous studies have highlighted the problematic artificial intelligence (AI) usage behaviors in educational contexts, such as overreliance on AI, no study has explored the antecedents and potential consequences that contribute to this problem. Therefore, this study investigates the causes and consequences of AI dependency using ChatGPT as an example. Using the Interaction of the Person-Affect-Cognition-Execution (I-PACE) model, this study explores the internal associations between academic self-efficacy, academic stress, performance expectations, and AI dependency. It also identifies the negative consequences of AI dependency. Analysis of data from 300 university students revealed that the relationship between academic self-efficacy and AI dependency was mediated by academic stress and performance expectations. The top five negative effects of AI dependency include increased laziness, the spread of misinformation, a lower level of creativity, and reduced critical and independent thinking. The findings provide explanations and solutions to mitigate the negative effects of AI dependency.