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In this Microsoft PowerPoint 2016 tutorial, the instructor demonstrates how to bold and italicize text. To do so, select the text you want to modify, ensuring to only choose the specific text. The content placeholder shows a dotted border when selected, indicating editable text. Changes to text formatting can be seen in the Home tab font group, with the B for bold or I for italics highlighted. Double-clicking a word selects the entire word, allowing for easy application of bold or italics.