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In the YouTube tutorial, the speaker explains how to create a calculated column in a SharePoint list or library. They discuss the various types of columns that can be created, including text, location, number, date, time, drop-down, choice, and currency columns. A calculated column is not listed in the options when creating a new column, but can be created behind the scenes. The calculated column allows users to create formulas that reference other columns in order to calculate data within the list or library.