Based on this old thread, it is probably a transient network problem.
Then you can install fiddler tool and then decrypt the https traffic by going to Tools--> Options--> HTTPs--> Decrypt https traffic and then click on subsequent OK buttons.
Then while the fiddler is running in the background, try creating the AI project again from AI studio and check if that makes a difference. Also see the response in the fiddler trace for any failure http error codes. Awaiting your reply.