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In this video tutorial, the presenter demonstrates how to hide placeholder text in content control form fields, which appears as light gray prompts for users filling out forms. The tutorial provides a step-by-step guide, starting from activating design mode for a form that utilizes plain text form fields. It involves highlighting the placeholder text, ensuring to include the period, then right-clicking to access the font settings. The presenter points out the option in the font effects labeled "hidden," which allows users to remove the visible placeholder text. Viewers are encouraged to check out the tutorial playlist for more on creating fillable forms.