Which sentence is correct and meaningful?
The following computer algorithm is highly parallelizable.
The following computer algorithm is highly parallelable.
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An article in Wikipedia uses various derivatives of "parallelize":
so it looks like that's the customary term.
I have seen "parallelable" used in reference to electronic inverters, meaning they can be connected in parallel for higher power output, so it's a valid word, but maybe in other contexts.
According to this Google Ngram It seems like parallelizable is far more common, so I believe parallelizable should be preferred over parallelable.