After upgrading from Android Studio 3.3 to 3.4 I'm stuck unable to get past "loading project" and eventually entire android studio becomes just a blank/grey empty screen, using about 650mb ram doing nothing, but guess that's normal for java :D
Seems to me somebody really jumped the gun on this 3.4, didn't expect this much headache with an upgrade from supposedly the stable branch.
I tried deleting gradle folder from inside project and didn't help.
Well nothing I tried fixed it, until I remembered it was limited internet with proxy and even though Android Studio did not complain at all about unable to get something but just got stuck/froze on loading project, I found out from proxy logs that it was trying to download things from d.android.com which previous versions of A-Studio didn't use.
Once d.android.com was allowed through proxy, Android Studio 3.4 finally loaded up fine.