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In this video tutorial, the presenter demonstrates how to hide placeholder text in content control form fields within a form. Placeholder text appears in light gray to prompt users to fill in the field, but sometimes users prefer not to display it. To hide the placeholder text, the user needs to enter design mode, highlight the text including the period, right-click to open the font options, and check the 'hidden' box under font effects. The tutorial emphasizes that viewers can explore additional content on the channel related to creating fillable forms.