The successful tech company faces an ironic problem in the fall quarter; people are so excited about the next (i) ________ of its product, which will be released over the holidays, that they refuse to purchase the (ii) _________ version
This sentence is clearly comparing two “versions” of a product. For the first blank, you need a synonym of “version,” such as iteration. For the second blank, you’re contrasting something to the “next iteration,” which would be the previous one. Current works well here (and obsolete is too judgmental; it’s not obsolete yet!)