For me, I've found this happens on projects that share a module and it helps to only be working with one at a time.
In saying that though, when this message was displaying it looked like it the build had hung, but in fact, the build had failed with error messages ages before - it's just I didn't realise because it also had the "preparind editor" message so I thought the build was still running. Check your build process is actually still running, fix any errors if any, and hit build again (even if this message is still displayed).
Topic:
Developer Tools & Services
SubTopic:
Xcode
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