Tesla shares staged a powerful intraday rally on Thursday, climbing more than 6% at one point and becoming the day's focal point on Wall Street. The stock ultimately settled up roughly 5.4% at $376.37, its highest level since mid-July.

While the underlying stock surged, the options market for Tesla also displayed notable movement. Specifically, the volume of call options at the $375 strike price substantially exceeded the prevailing open interest (OI), indicating a flurry of fresh positions and heightened speculative bets on near-term upside momentum.

This activity caught the eye of options traders. One trader shared live trade screenshots on social media platform X, stating that based on Unusual Whales' options flow data, they purchased Tesla call options on Thursday and locked in a roughly 50% gain as the share price advanced.

Tesla's rally is closely tied to its upcoming Cybercab event. The company hosted its autonomous Cybercab showcase in Austin, Texas, on Thursday, where investors anticipated further disclosure on the commercialization progress of robotaxis. Several media outlets had also noted that market participants view this event as a pivotal moment for assessing the scalability of Tesla's autonomous driving business.

Notably, the $375 price level proved to be a critical juncture between options trading and the spot market that day. With Tesla closing at $376.37, the stock had clearly traded above this strike price, and the activation of in-the-money calls could potentially fuel further upward movement.

Against a broadly firmer U.S. equity tape, Tesla's performance significantly outpaced the major indices. The S&P 500 advanced roughly 1%, the Nasdaq gained approximately 1.4%, while Tesla's surge exceeded 5%.