Now Google have released an Install version for Macs with Apple Silicon Chip – M1/M2
Download – https://developer.android.com/studio , make sure to choose “Mac with Apple Chip” Installer (android-studio-*.*.*.*-mac_arm.dmg)
Once installed, you’ll need to download some extra stuff inside the installer, mine failed once but just click retry if happens and it worked then.
Accept licenses etc, once it’s finished installing, should open up similar to this: