This has been plaguing me for the last two weeks.
I have late 2012 Mac mini with 16 GB RAM and quad 2.3 GHz i7 processor. Connected to 27" Apple Thunderbolt Display.
Yes to Intel HD Graphics 4000
No to running Google Chrome
Haven't turned off transparency because in my initial state before the rebuild I had transparency off and had the solid light coloured top tool bar.
Multiple kernel panics in an hour meant I couldn't even work on the machine with any confidence so I first did a re-install of the OS 10.10.3, then a wipe and rebuild from Time Machine, and finally after no success stopping the kernel panics I did a complete rebuild from a USB boot drive. (Hey, I'm old-school, and who need a break on the weekend ;-)
Rebuild included getting rid of a lot of cruft applications I've tried but not bother to remove so I now had a reasonably clean - and I'll admit a lot faster - Mac mini.
Result? Kernel panics seem* to have stopped but the bars appear every 20 mins or so. Maddeningly more while I'm writing this post! I get rid of them by moving a Finder window over them and it seems to stop the flashing by forcing a screen redraw by the window having to render where it has been moved.
I know it is specifically my Mac mini hardware issue since the same thing happens at work with my MBP 13" Retina at work connected to first a 21" Dell monitor and now a 24" Apple DVI Cinema Display. However the MBP 13 also has Intel HD Graphics 4000 I think as it is similar in age to the Mac mini I have at home. So there is a smoking gun?
I also had a memory failure after re-setting my RAM so I'm now working with only 1 x 8GB chip. I think that was just random though, and it is under warranty so no stress.
(*fingers still crossed and considering offerings to several deities for this to continue...)