U3225QE, no signal from Thunderbolt when connecting a HP Elitebook 840 G8

Dear community, I recently bought a nice Dell U3225QE monitor which has the ability to connect via Thunderbolt 4 (up to 140W) to a laptop/pc. This connection works for both my Lenovo Thinkpad P14s, and Macbook Air (2022) without any issues. However, it does not work when connecting my HP Elitebook 840 G8 (tried both USB-C ports, both are Thunderbolt).

When opening Thunderbolt Control Center and connecting the screen, it briefly shows the Dell monitor in the control center (like <1 second) and then it disappears again (on the laptop screen that is). The monitor itself never shows any image (stays black) and then after a few seconds it displays a message like: No Thunderbolt signal

How can I resolve this?