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In this video tutorial, the presenter explains how to hide the placeholder text that appears in content control form fields in a form. Placeholder text is displayed in light gray to prompt users to fill in the fields, but it can be undesirable in some instances. To hide the placeholder text, the presenter demonstrates using a specific form created with plain text content controls. The steps include selecting "Design Mode," highlighting the placeholder text, and ensuring to include the period. After selecting the text, right-clicking and choosing the font options will reveal a checkbox labeled "hidden" under font effects, which can be selected to conceal the placeholder text.