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In this video tutorial, the presenter explains how to hide the placeholder text that appears as light gray in content control form fields. This placeholder text prompts users to fill in the form but can be undesirable in some cases. The tutorial demonstrates the process using a form with plain text form fields. To hide the placeholder text, the presenter instructs viewers to enter design mode, highlight the placeholder text (including the period), right-click, and select the font option. In the font effects, there is a checkbox labeled "hidden" that can be selected to conceal the placeholder text. Viewers are encouraged to check the channel's playlist for more fillable form creation tips.