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In this video tutorial, the speaker explains how to hide the light-gray placeholder text that appears in content control form fields, which prompts users to fill in the form. The tutorial involves creating a form with plain text content control fields. To hide the placeholder text, the speaker demonstrates selecting "design mode," highlighting the placeholder text (including the period), right-clicking to access the font options, and then checking the "hidden" box under font effects. Viewers are encouraged to check out the playlist on the channel for more content on creating fillable forms.