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In this video tutorial, the presenter explains how to hide the placeholder text that appears in light gray when using content control form fields in a form. This placeholder text prompts users to fill in the form fields but may not always be desired. The tutorial demonstrates the process using a plain text form field. To hide the placeholder text, the user selects "Design Mode," highlights the placeholder text including the period, right-clicks, and chooses "Font." In the font settings, the option "Hidden" under font effects is noted as the method to conceal the text. Viewers are encouraged to check the channel's playlist for more on creating fillable forms.