Can this be exploited for malicious code?
It's "unpredictable" what happens, so I think the best you're going to do is a DoS. I.e. if you could get the JS JIT in a browser to generate code like this and execute it repeatedly, you could crash a machine just by visiting a site.
There is zero guarantee that the infamous Sufficiently Sophisticated Attacker couldn't predict it. Hardware is largely deterministic, even when it doesn't behave in the documented way. I wouldn't interpret this as literally unpredictable, it's just a generic slogan they always use in their errata. And they aren't going to say anything more for obvious reasons.
Patch this damn microcode.