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This video tutorial explains how to hide placeholder text in content control form fields in a form. Placeholder text appears light gray to prompt users to fill in the fields, but its visibility can be undesirable. The tutorial shows a step-by-step process starting with entering design mode. Once in design mode, users can highlight the placeholder text, ensuring to include any punctuation, then right-click to access the font settings. In the font effects section, there is an option to hide the text. The video encourages viewers to check out other content in the channel's playlist on creating fillable forms.