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In this video tutorial, the presenter explains how to hide the light-gray placeholder text in content control form fields. This placeholder text prompts users to fill in the form but may not always be desired. The tutorial provides a step-by-step method using a form created with plain text form fields. The process involves entering Design Mode, highlighting the placeholder text (including the period), right-clicking, and selecting the Font option. In the Font Effects section, there is an option labeled "Hidden" that allows users to hide the placeholder text from view. Viewers are encouraged to check the channel's playlist for more content on creating fillable forms.