Solved — Android Studio on Macbook M1: An error occurred while trying to compute required packages

Basically running it for the first time, the error is the following:

An error occurred while trying to compute required packages

Solution

1. Go to Android Studio Preview and download the latest Canary build for Apple chip (Chipmunk). Don’t worry this is just to get through the initial setup.
2. Unpack it, run it, let it install all the SDK components, accept licenses, etc as usual.
3. Once it’s done, simply close it and delete it.

Now when you start your stable Android Studio (Arctic Fox) you should not see the error.

Hope this solved it 🙏