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In this tutorial, Alex Barlow, co-founder of Axiom, demonstrates how to use the "Replace Text" step to change data intercepted by a bot. He starts with an alarming headline regarding cryptocurrency, then shows how to alter parts of the text to convey a different message. To illustrate this, Alex opens Axiom and prepares an "Interact" step with a "Go to Page" and a scraper already set up. He highlights the data preview from the scraper, which he will modify. Alex explains the process of adding the "Replace Text" step to manipulate the original text in a more favorable way, setting the stage for editing the cryptocurrency news.