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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 to prompt users. To achieve this, the presenter first selects the form created with plain text content controls and enters design mode. After highlighting the placeholder text, including the period, they right-click and choose the font option. In the font effects section, there's a box labeled "hidden" that can be activated to hide the placeholder text. For more guidance on creating fillable forms, viewers are encouraged to check out the related playlist on the channel.