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In this tutorial, the presenter explains how to hide placeholder text in content control form fields, which appears as light gray to prompt users to fill in the fields. To demonstrate, they use a plain text form field. The process begins by selecting "Design Mode" and highlighting the placeholder text, ensuring to include punctuation. After making the selection, the user right-clicks and chooses "Font." In the font options, there's a feature called "Hidden" under font effects, which can be checked to hide the placeholder text. The video encourages viewers to check out the related playlist for creating fillable forms.