In our case downgrade the microcode don't work, instead of that we noticed that 
our kernel was outdated:
 uname -r 
 4.15.0-51-generic
so we upgrade the kernel to the recent version with:

 sudo apt-get install --install-recommends linux-generic-hwe-18.04
xserver-xorg-hwe-18.04

with that the kernel was upgraded to:
 4.18.0-21-generic
and ubuntu start correctly

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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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