Having problems to launch AVD & SDK manager since the latest A/S update.

I had same problem and fixed it by giving Write and Modify permissions to the full android studio folder.
Just need to set a environment variable 'JAVA_HOME' and make it point to the folder where Java is installed. If you are not quit familiar with environment variables, what you do is just these steps:
After that, restart Intellij IDEA, and you should be able to open the AVD manager panel.
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