I was able to speak with folks at Intel about this and got some good 
info from them:

* To avoid confusion, we need to be clear that the i7-8565U is a Whiskey 
  Lake processor (*not* a Kaby Lake)
  - 
https://ark.intel.com/content/www/us/en/ark/products/149091/intel-core-i7-8565u-processor-8m-cache-up-to-4-60-ghz.html
* There is an upstream intel-microcode bug report that is already
  tracking this issue
  - https://github.com/intel/Intel-Linux-Processor-Microcode-Data-Files/issues/1
* The upstream bug report suggests that the problem is seen with both 
  the 20190312 and 20190514 microcode releases
* This may be a bug in how the kernel is loading the microcode

** Bug watch added: 
github.com/intel/Intel-Linux-Processor-Microcode-Data-Files/issues #1
   https://github.com/intel/Intel-Linux-Processor-Microcode-Data-Files/issues/1

** Description changed:

  Description:
  - my system gets stuck at "Booting, Loading initramfs" (the first 2 lines of 
booting, after grub)
  - does not even show the enter cryptsetup passphrase
  - affected kernels:
  # apt list --installed |grep linux-signed
  WARNING: apt does not have a stable CLI interface. Use with caution in 
scripts.
  linux-signed-generic/bionic-security,bionic-updates,now 4.15.0.50.52 amd64 
[installed]
  linux-signed-generic-hwe-18.04/bionic-security,bionic-updates,now 
4.18.0.20.70 amd64 [installed]
  linux-signed-generic-hwe-18.04-edge/bionic-security,bionic-updates,now 
5.0.0.15.71 amd64 [installed]
  
  - the setup is not new, has been working perfectly before (about 7 days
  since my last restart?)
  
  System:
  - HW: ASUS Zenbook 14 UX433FN
  - Ubuntu 18.04, runing latest HWE, fully updated
  - grub(-pc), cryptsetup (crypttab entries for custom encrypted LUKS setup),
  
  Suspected/possible cause?:
  - recent intel-microcode package update
  - recent kernel package updates
  
  Steps taken:
  - tried to remove "splash quiet" from grub/kernel cmd line (also tried adding 
nosplash, noplymouth)
  - completely removed nvidia drivers (apt purge *nvidia*)
  - completely purged and reinstalled grub (grup-pc)
  - completely purged and reinstalled all kernels (headers, modules, image, ..)
  - toggle BIOS "fastboot" (now using OFF)
  - toggle UEFI SecureBoot (now using ON)
  - remove plymouth (apt remove *plymouth* , but the workaround is working with 
plymouth installed)
  
  Workaround:
  - so far, I'm only able to boot with non-Ubuntu kernel! 
(linux-image-liquorix-amd64)
  - which needs "splash" option ON
  - reinstall cryptsetup & update-grub (as suggested in 
https://bugs.launchpad.net/ubuntu/+source/linux/+bug/1829620/comments/10 )
  
  I am not sure how to get you more debug info, as this setup has been
  working before, and it's a very eary boot-process bug, so I can't even
  access dmesg etc.
  
  EDIT:
  
  Hypothesis:
- Only affects ASUS with newer (Kaby lake) Intel CPU, intel-microcode
+ Only affects ASUS with i7-8565U Whiskey Lake Intel CPU
  
+ Upstream Bug Report:
+ https://github.com/intel/Intel-Linux-Processor-Microcode-Data-Files/issues/1
  
  WORKAROUND 1: disable intel microcode updates during boot
  From this bug: 
https://bugs.launchpad.net/ubuntu/+source/intel-microcode/+bug/1759920
  1/ add the boot parameter: dis_ucode_ldr to /etc/default/grub
  2/ update-grub
  
  WORKAROUND 2: downgrade (and hold) intel-microcode to older version from 
bionic/main
  apt install --reinstall intel-microcode=3.20180312.0~ubuntu18.04.1
- 
  
  ---
  ProblemType: Bug
  ApportVersion: 2.20.9-0ubuntu7.6
  Architecture: amd64
  CurrentDesktop: KDE
  DistroRelease: KDE neon 18.04
  InstallationDate: Installed on 2012-12-23 (2337 days ago)
  InstallationMedia: Kubuntu 12.10 "Quantal Quetzal" - Release amd64 
(20121017.1)
  Package: linux-hwe-edge (not installed)
  Tags:  bionic wayland-session
  Uname: Linux 5.0.0-17.1-liquorix-amd64 x86_64
  UnreportableReason: The running kernel is not an Ubuntu kernel
  UpgradeStatus: No upgrade log present (probably fresh install)
  UserGroups: adm libvirtd lpadmin netdev plugdev sudo vboxusers video
  _MarkForUpload: True
  ---
  ProblemType: Bug
  ApportVersion: 2.20.9-0ubuntu7.6
  Architecture: amd64
  CurrentDesktop: KDE
  DistroRelease: KDE neon 18.04
  InstallationDate: Installed on 2012-12-23 (2339 days ago)
  InstallationMedia: Kubuntu 12.10 "Quantal Quetzal" - Release amd64 
(20121017.1)
  Package: linux-hwe-edge
  PackageArchitecture: amd64
  ProcVersionSignature: Ubuntu 5.0.0-15.16~18.04.1-generic 5.0.6
  Tags: third-party-packages bionic wayland-session
  Uname: Linux 5.0.0-15-generic x86_64
  UnreportableReason: Toto není oficiální KDE balík. Prosíme odstraňte všechny 
balíky třetích stran a zkuste to znovu.
  UpgradeStatus: No upgrade log present (probably fresh install)
  UserGroups: adm libvirtd lpadmin netdev plugdev sudo video
  _MarkForUpload: True

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https://bugs.launchpad.net/bugs/1829620

Title:
  intel-microcode on ASUS makes kernel stuck during loading initramfs on
  bionic-updates, bionic-security

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