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In this video tutorial, the presenter demonstrates how to hide placeholder text that appears in light gray within content control form fields in a form. This placeholder text prompts users to fill in the form but may not always be desired. The example provided uses a plain text form field. The presenter highlights the placeholder text, including the period, enters design mode, right-clicks the selected text, and then selects the font option. In the font box, the presenter points out a checkbox labeled "hidden" under font effects, which allows users to hide the placeholder text from view. Additional resources are mentioned, including a playlist on creating fillable forms.