I had this same problem on a system with an "ASUS H170M-PLUS" motherboard, a Core i5-6600 CPU, internal graphics and up-to-date Ubuntu 17.10.
Booting into the recovery console worked, but when trying to boot into the desktop it would always hang somewhere before GDM becomes visible.
After installing a recent UEFI firmware upgrade (to version 3606) the system booted normally again, and the kernel didn't try to load any microcode after that; based on the revision number, it seems like it contained the same microcode fix as the 'intel-microcode' (but also a ME firmware upgrade, and likely also some other necessary fixes).
I wonder if the microcode fix also requires changes to the ME and/or to some UEFI functions in order to work properly?
I had this same problem on a system with an "ASUS H170M-PLUS" motherboard, a Core i5-6600 CPU, internal graphics and up-to-date Ubuntu 17.10.
Booting into the recovery console worked, but when trying to boot into the desktop it would always hang somewhere before GDM becomes visible.
After installing a recent UEFI firmware upgrade (to version 3606) the system booted normally again, and the kernel didn't try to load any microcode after that; based on the revision number, it seems like it contained the same microcode fix as the 'intel-microcode' (but also a ME firmware upgrade, and likely also some other necessary fixes).
I wonder if the microcode fix also requires changes to the ME and/or to some UEFI functions in order to work properly?