I have the same problem w/v12 (Win8 and Win10) but don't see (like @StephenL3 above) an 'Advanced' option under the Hardware/CPU & Memory setting.
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In the window to the right of CPU & Memory you will see the following: first Processors, below Memory, below that a line chart of the Memory, and below that an arrow with Advanced Settings. Click on the arrow and you will get the option, Hypervisor. Click on the window to the right and change it from Parallels to Apple.I have the same problem w/v12 (Win8 and Win10) but don't see (like @StephenL3 above) an 'Advanced' option under the Hardware/CPU & Memory setting.
The issue is under investigation by the Parallels Desktop Engineering team. Subscribe to this article to receive an update on the progress.Tried the suggested work-around at http://kb.parallels.com/uk/113823
It got rid of the Parallels black screen but then got Windows Blue Screen... every time it tried to boot, whichever Windows boot option I chose (Normal, Safe, ...)
Gave up and have gone back to version 11.