I have the latest Android Studio IDE installed on my Windows 10 laptop, and it was working fine until my windows operating system made a huge automatic update.
Now,
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.