Describe the Bug

Summary:
I have been trying to install HAXM to my machine through Android Studio but installation repeatedly fails with the following message:

IDE logs show this:
2021-08-25 15:53:16,980 [1149039] INFO - ectedPackagesStep$CustomLogger - Preparing "Install Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)". 2021-08-25 15:53:16,993 [1149052] INFO - ectedPackagesStep$CustomLogger - Downloading https://dl.google.com/android/repository/extras/intel/haxm-macosx_v7_6_5.zip 2021-08-25 15:53:17,326 [1149385] INFO - ectedPackagesStep$CustomLogger - "Install Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" ready. 2021-08-25 15:53:17,327 [1149386] INFO - ectedPackagesStep$CustomLogger - Installing Intel x86 Emulator Accelerator (HAXM installer) in /Users/batoolan/Library/Android/sdk/extras/intel/Hardware_Accelerated_Execution_Manager 2021-08-25 15:53:17,333 [1149392] INFO - ectedPackagesStep$CustomLogger - "Install Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" complete. 2021-08-25 15:53:20,126 [1152185] INFO - ard.VmWizard$SetupProgressStep - Preparing "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)". 2021-08-25 15:53:20,127 [1152186] INFO - ard.VmWizard$SetupProgressStep - "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" ready. 2021-08-25 15:53:20,128 [1152187] INFO - ard.VmWizard$SetupProgressStep - "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" complete. 2021-08-25 15:53:20,128 [1152187] INFO - ard.VmWizard$SetupProgressStep - "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" finished. 2021-08-25 15:53:20,129 [1152188] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/build-tools/31.0.0/package.xml 2021-08-25 15:53:20,132 [1152191] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/cmdline-tools/latest/package.xml 2021-08-25 15:53:20,135 [1152194] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/emulator/package.xml 2021-08-25 15:53:20,138 [1152197] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/extras/google/auto/package.xml 2021-08-25 15:53:20,141 [1152200] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/extras/intel/Hardware_Accelerated_Execution_Manager-2/package.xml 2021-08-25 15:53:20,148 [1152207] WARN - ard.VmWizard$SetupProgressStep - Observed package id 'extras;intel;Hardware_Accelerated_Execution_Manager' in inconsistent location '/Users/batoolan/Library/Android/sdk/extras/intel/Hardware_Accelerated_Execution_Manager-2' (Expected '/Users/batoolan/Library/Android/sdk/extras/intel/Hardware_Accelerated_Execution_Manager') 2021-08-25 15:53:20,149 [1152208] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/patcher/v4/package.xml 2021-08-25 15:53:20,153 [1152212] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/platform-tools/package.xml 2021-08-25 15:53:20,155 [1152214] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/platforms/android-31/package.xml 2021-08-25 15:53:20,157 [1152216] INFO - ard.VmWizard$SetupProgressStep - Parsing /Users/batoolan/Library/Android/sdk/tools/package.xml 2021-08-25 15:57:51,765 [1423824] INFO - tools.idea.sdk.wizard.VmWizard - Preparing "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)". 2021-08-25 15:57:51,767 [1423826] INFO - tools.idea.sdk.wizard.VmWizard - "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" ready. 2021-08-25 15:57:51,770 [1423829] INFO - tools.idea.sdk.wizard.VmWizard - "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" complete. 2021-08-25 15:57:51,771 [1423830] INFO - tools.idea.sdk.wizard.VmWizard - "Uninstall Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" finished. 2021-08-25 15:57:51,772 [1423831] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/build-tools/31.0.0/package.xml 2021-08-25 15:57:51,777 [1423836] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/cmdline-tools/latest/package.xml 2021-08-25 15:57:51,781 [1423840] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/emulator/package.xml 2021-08-25 15:57:51,785 [1423844] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/extras/google/auto/package.xml 2021-08-25 15:57:51,789 [1423848] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/patcher/v4/package.xml 2021-08-25 15:57:51,793 [1423852] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/platform-tools/package.xml 2021-08-25 15:57:51,796 [1423855] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/platforms/android-31/package.xml 2021-08-25 15:57:51,799 [1423858] INFO - tools.idea.sdk.wizard.VmWizard - Parsing /Users/batoolan/Library/Android/sdk/tools/package.xml 2021-08-25 15:57:51,819 [1423878] WARN - ectedPackagesStep$CustomLogger - Failed to update status to COMPLETE com.android.repository.api.PackageOperation$StatusChangeListenerException: HAXM setup failed! at com.android.tools.idea.sdk.install.VmInstallListener.statusChanged(VmInstallListener.java:63) at com.android.repository.impl.installer.AbstractPackageOperation.updateStatus(AbstractPackageOperation.java:515) at com.android.repository.impl.installer.AbstractPackageOperation.complete(AbstractPackageOperation.java:204) at com.android.tools.idea.sdk.wizard.InstallTask.completePackages(InstallTask.java:185) at com.android.tools.idea.sdk.wizard.InstallTask.run(InstallTask.java:138) at com.intellij.openapi.progress.impl.CoreProgressManager$TaskRunnable.run(CoreProgressManager.java:962) at com.intellij.openapi.progress.impl.CoreProgressManager.lambda$runProcessWithProgressAsync$5(CoreProgressManager.java:472) at com.intellij.openapi.progress.impl.ProgressRunner.lambda$submit$3(ProgressRunner.java:235) at com.intellij.openapi.progress.impl.CoreProgressManager.lambda$runProcess$2(CoreProgressManager.java:178) at com.intellij.openapi.progress.impl.CoreProgressManager.registerIndicatorAndRun(CoreProgressManager.java:658) at com.intellij.openapi.progress.impl.CoreProgressManager.executeProcessUnderProgress(CoreProgressManager.java:610) at com.intellij.openapi.progress.impl.ProgressManagerImpl.executeProcessUnderProgress(ProgressManagerImpl.java:65) at com.intellij.openapi.progress.impl.CoreProgressManager.runProcess(CoreProgressManager.java:165) at com.intellij.openapi.progress.impl.ProgressRunner.lambda$submit$4(ProgressRunner.java:235) at java.base/java.util.concurrent.CompletableFuture$AsyncSupply.run(CompletableFuture.java:1700) at java.base/java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1128) at java.base/java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:628) at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1$1.run(Executors.java:668) at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1$1.run(Executors.java:665) at java.base/java.security.AccessController.doPrivileged(Native Method) at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1.run(Executors.java:665) at java.base/java.lang.Thread.run(Thread.java:834) 2021-08-25 15:57:51,823 [1423882] INFO - ectedPackagesStep$CustomLogger - "Install Intel x86 Emulator Accelerator (HAXM installer) (revision: 7.6.5)" failed. 2021-08-25 15:57:51,823 [1423882] INFO - ectedPackagesStep$CustomLogger - Failed packages: 2021-08-25 15:57:51,823 [1423882] INFO - ectedPackagesStep$CustomLogger - - Intel x86 Emulator Accelerator (HAXM installer) (extras;intel;Hardware_Accelerated_Execution_Manager)
/Users/batoolan/Library/Android/sdk/extras/intel/Hardware_Accelerated_Execution_Manager directory does not even exist, so I'm not sure why it's complaining about that. It directly creates /Users/batoolan/Library/Android/sdk/extras/intel/Hardware_Accelerated_Execution_Manager-2 and even then installation fails.
Host Environment

• HAXM version: 7.6.5

• Host OS version: macOS Catalina 10.15.7

• Host OS architecture: x86_64

• Host CPU model: Intel Core i7

• Host RAM size: 16 GB

• (Optional) Host computer model: MacBook Pro