We present a -approximate parallel algorithm for computing shortest paths in undirected graphs, achieving depth and work for -nodes -edges graphs. Although sequential algorithms with (nearly) optimal running time have been known for several decades, near-optimal parallel algorithms have turned out to be a much tougher challenge. For -approximation, all prior algorithms with depth perform at least work for some constant . Improving this long-standing upper bound obtained by Cohen (STOC'94) has been open for years. We develop several new tools of independent interest. One of them is a new notion beyond hopsets --- low hop emulator --- a -approximate emulator graph in which every shortest path has at most hops (edges). Direct applications of the low hop emulators are parallel algorithms for -approximate single source shortest path (SSSP), Bourgain's embedding, metric tree embedding, and low diameter decomposition, all with depth and work. To boost the approximation ratio to , we introduce compressible preconditioners and apply it inside Sherman's framework (SODA'17) to solve the more general problem of uncapacitated minimum cost flow (a.k.a., transshipment problem). Our algorithm computes a -approximate uncapacitated minimum cost flow in depth using work. As a consequence, it also improves the state-of-the-art sequential running time from to .
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