Google's I/O event is above all else a developer conference, and the company is rolling out new tools to help those developers. Android Studio 3.5, previously limited to the Canary channel, has advanced to beta, bringing with it emulator support for foldable devices and other improvements.
Among the changes in 3.5 are a bunch of new "Project Marble" changes that aim to improve system health and reduce bugs in the IDE, including reduced latency, faster build speed, and performance improvements. It also enables better manual memory management, if you'd like to further configure the amount of RAM Android Studio is allowed to use.
For more details about specific improvements delivered by Project Marble, check out the Android Developers site. Downloads are up and ready, and while it's not a Canary release anymore, it's still a beta, so keep that in mind.