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Excel magic trick number 972 discusses the difference between empty cells and formula-created blanks. The tutorial focuses on using conditional formatting to highlight this distinction in a data set. The video addresses the confusion surrounding the term "blank" and explains how to use a text string for calculations. Formulas can be used to display nothing while still containing data, which may be measured using the LEN function. This tutorial aims to clarify when to utilize text strings in Excel formulas.