Rainbow Static over display

[Grimm Spector]

I recently picked up a new TV and attached it to my PC. Previously I attached a different SDR TV using the same HDMI cable, and it worked fine no issues, except it wouldn't register as HDR with Windows. I picked up another cable, a monoprice cable rated for HDMI 2.1. HDR works, screen works, but I am now often getting this weird rainbow colored static over the top of what I'm looking at, mostly on the lower half of the screen. It happens often on white background pages and screens, much less on other screens. Sometimes when I scroll through a page the upper edge of the artifact will stay on the same spot on the page (i.e. it moves up with the content). I want to know if this is perhaps related to the cable? Or if it's an issue with the screen itself? Not sure what to do to resolve it. Video of the effect attached.