diff --git a/arch/x86/include/asm/microcode.h b/arch/x86/include/asm/microcode.h
index 38711df3bcb5..2266f864b747 100644
--- a/arch/x86/include/asm/microcode.h
+++ b/arch/x86/include/asm/microcode.h
@@ -140,6 +140,7 @@ extern void __init load_ucode_bsp(void);
 extern void load_ucode_ap(void);
 void reload_early_microcode(void);
 extern bool get_builtin_firmware(struct cpio_data *cd, const char *name);
+extern bool initrd_gone;
 #else
 static inline int __init microcode_init(void)			{ return 0; };
 static inline void __init load_ucode_bsp(void)			{ }
diff --git a/arch/x86/kernel/cpu/microcode/amd.c b/arch/x86/kernel/cpu/microcode/amd.c
index 6a31e2691f3a..079e81733a58 100644
--- a/arch/x86/kernel/cpu/microcode/amd.c
+++ b/arch/x86/kernel/cpu/microcode/amd.c
@@ -384,8 +384,9 @@ void load_ucode_amd_ap(unsigned int family)
 reget:
 		if (!get_builtin_microcode(&cp, family)) {
 #ifdef CONFIG_BLK_DEV_INITRD
-			cp = find_cpio_data(ucode_path, (void *)initrd_start,
-					    initrd_end - initrd_start, NULL);
+			if (!initrd_gone)
+				cp = find_cpio_data(ucode_path, (void *)initrd_start,
+						    initrd_end - initrd_start, NULL);
 #endif
 			if (!(cp.data && cp.size)) {
 				/*
diff --git a/arch/x86/kernel/cpu/microcode/core.c b/arch/x86/kernel/cpu/microcode/core.c
index 2af69d27da62..73102d932760 100644
--- a/arch/x86/kernel/cpu/microcode/core.c
+++ b/arch/x86/kernel/cpu/microcode/core.c
@@ -46,6 +46,8 @@
 static struct microcode_ops	*microcode_ops;
 static bool dis_ucode_ldr = true;
 
+bool initrd_gone;
+
 LIST_HEAD(microcode_cache);
 
 /*
@@ -190,21 +192,24 @@ void load_ucode_ap(void)
 static int __init save_microcode_in_initrd(void)
 {
 	struct cpuinfo_x86 *c = &boot_cpu_data;
+	int ret = -EINVAL;
 
 	switch (c->x86_vendor) {
 	case X86_VENDOR_INTEL:
 		if (c->x86 >= 6)
-			return save_microcode_in_initrd_intel();
+			ret = save_microcode_in_initrd_intel();
 		break;
 	case X86_VENDOR_AMD:
 		if (c->x86 >= 0x10)
-			return save_microcode_in_initrd_amd(c->x86);
+			ret = save_microcode_in_initrd_amd(c->x86);
 		break;
 	default:
 		break;
 	}
 
-	return -EINVAL;
+	initrd_gone = true;
+
+	return ret;
 }
 
 struct cpio_data find_microcode_in_initrd(const char *path, bool use_pa)
@@ -247,9 +252,16 @@ struct cpio_data find_microcode_in_initrd(const char *path, bool use_pa)
 	 * has the virtual address of the beginning of the initrd. It also
 	 * possibly relocates the ramdisk. In either case, initrd_start contains
 	 * the updated address so use that instead.
+	 *
+	 * initrd_gone is for the hotplug case where we've thrown out initrd
+	 * already.
 	 */
-	if (!use_pa && initrd_start)
-		start = initrd_start;
+	if (!use_pa) {
+		if (initrd_gone)
+			return (struct cpio_data){ NULL, 0, "" };
+		if (initrd_start)
+			start = initrd_start;
+	}
 
 	return find_cpio_data(path, (void *)start, size, NULL);
 #else /* !CONFIG_BLK_DEV_INITRD */