Green’s Dictionary of Slang

gift that keeps on giving, the phr.

[joc. use of an advertising slogan, originally used in 1920s US for the then newly invented phonograph]

(US campus) venereal disease; AIDS.

[US]Eble Campus Sl. Mar. 5: the gift that keeps on giving – venereal disease.
[US]Eble Campus Sl. Apr.
[US]Wash. Post 21 Jan. 🌐 Genital herpes ‘is the gift that keeps on giving,’ because sores on the mouth, buttocks, thigh and genitals come and go ‘for the rest of your life’.
[Ire]P. Howard Curious Incident of the Dog in the Nightdress 209: AIDS. The gift that keeps on giving, know what I mean?