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In this video tutorial, the presenter explains how to hide placeholder text that appears as light gray in content control form fields. The tutorial focuses on a form using plain text form fields and demonstrates the process of hiding the placeholder text. To do this, the user first selects the design mode, then highlights the placeholder text, ensuring to include any punctuation. After selecting the text, the user right-clicks and chooses the "font" option. In the font box that appears, the user can check the "hidden" box under font effects to successfully remove the visible placeholder text. The presenter encourages viewers to explore their channel's playlist on creating fillable forms for further guidance.