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In this video, the tutorial explains how to hide the light-gray placeholder text that appears in content control form fields, which prompts users to fill in their form. The presenter demonstrates using a form created with plain text content control fields. To hide the placeholder text, the user should enter design mode, highlight the placeholder text along with the period, and then right-click to select the font option. In the font settings, there is an option under font effects that allows users to check a box labeled "hidden," effectively removing the placeholder text from view. Viewers are encouraged to check out the channel's playlist for more tutorials on creating fillable forms.