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In this tutorial, dynamic chart labeling with conditional formulae is covered. The aim is to have dynamic labels for charts or graphs that adjust based on the data shown. For instance, if the sales are over a million, the label should show "1m" instead of all digits. Similarly, if it's less than a million, like 500,000, it should show "500k". This process can be automated using a custom format hack, eliminating the need for manual adjustments. Additionally, a bonus tip is shared towards the end of the video. The demonstration in the video includes a table with a random number generator showing values between 100,000 and 1.1 million, with the labels dynamically adjusting to display simplified values.
