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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields used for creating forms. The light-gray placeholder text serves as a prompt for users to fill in the fields, but it can be undesirable in certain cases. To hide the placeholder text, the presenter suggests entering design mode and selecting the text, ensuring to include any punctuation. After highlighting, right-click to open the font options and check the "hidden" box under font effects. Viewers are encouraged to check the playlist for more on creating fillable forms.