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In this video tutorial, the presenter demonstrates how to hide the light-gray placeholder text that appears in content control form fields. To achieve this, the user needs to enter design mode, select the placeholder text along with any periods, and then right-click to choose the font option. In the font box, there is an option under font effects labeled "hidden." By checking this box, the placeholder text can be concealed. The tutorial encourages viewers to explore other videos in the playlist related to creating fillable forms.