Win 95 Explorer crashes on startup

I’ve got a Win95 machine that boots fine, and once it’s up to the login screen I can see shared disks, use it as a print server, etc..
However when I try to login and it starts Explorer, Explorer crashes with a general protection fault in GDI.exe.The fault is unrecoverable and I must reboot.
I tried replacing the video drivers but that didn’t help. I also compared GDI.exe with the version in the cab file and they’re identical (it’s not corrupted).

Ideas?