I tried to do a Gradle sync after the Android Studio upgrade and the following message
Value '/Applications/Android Studio.app/Contents/jre/jdk/Contents/Home/' given for org.gradle.java.home Gradle property is invalid (Java home supplied is invalid)
is shown in the build fail window.
Turns out I have set up a custom java home path for my Gradle pointing to the bundled JDK and the path has changed beginning from Arctic Fox.
Found this in my ~/.gradle/gradle.properties
org.gradle.java.home=/Applications/Android\ Studio.app/Contents/jre/jdk/Contents/Home/
and it should now be replaced to:
org.gradle.java.home=/Applications/Android\ Studio.app/Contents/jre/Contents/Home/