I encounter this error “Read Time Out”, and I simply choose menu item: File -> Invalidate Caches / Restart… to fixed it.
[UPDATE]
I just encounter this error for second time, this time Invalidate Caches / Restart… not able to fix it, but then I try close the android Studio, killall -9 java
to ensure all java process has been terminated, then relaunch Android Studio, no more error.
[UPDATE 2]
I just encounter this error and I fixed it by replug the phone cable and rerun.