It may also be a broken heat-sensor. My computer gotten reaally slow once and it turned out to be a CPU self-underclock set by high temperatures. I cleaned the CPU cooler as best as I could yet the motherboard continued to report temperatures up to 80 degrees Celsius even on idle with coolers active on their max RPM; I put my own hand in the close to the cooler after which I concluded it couldn't be that hot, so I turned off the heat sensors in the BIOS. After that, my computer worked fine and the CPU hasn't burned down yet.
There might be a way to achieve the same thing with the GPU through the drivers and else you'll need to cut one of the wires powering the sensors. Of course, you should be careful, because your GPU will actually burn down if it turns out the reported temperatures were accurate.