Sweet, thanks. I got your IRC message (though I was afk when you sent it), and I tested the archlinux-2017.06.12-i686.iso image, which also segfaults when starting up. Let me know if testing this on actual physical hardware would be helpful for your debugging process.
Hmm, this is strange: Now it's exactly the same build script on the same machine as for the may iso :-/ I'm absolutely clueless what's wrong ... On the other hand, a segfault would be a little harsh for a wrongly composed set of packages ... maybe it's some conflict between the new kernel and the vm? :-/
You're already using the new mirror, aren't you? In that case, you need to install archlinux32-keyring first on the installation medium (!).
Ah, I had thought archlinux-keyring would have been enough. It works after installing the archlinux32-keyring, but it seems to need to be installed manually via pacman -U. Pacman thinks that the package is corrupt unless the package is installed, bit of a catch-22.
Its similar to archlinuxarm: There is the original archlinux-keyring package as well as a archlinux32-keyring (or archlinuxarm-keyring in the case of archlinuxarm). In the end, it will be a pacman dependency (in contrast to archlinuxarm!?), so nothing to bother about - but the current isos still use the official pacman package, so it needs to be installed explicitely.
Here's a video documenting the my install process (using the archlinux-2017.05.01-i686.iso image): https://youtu.be/LEPKi9vGKK8
This looks as I expect.