Just bought and assembled a rig with an intel core i7-3770 3.4 GHz processor. I downloaded the CPUID hardware monitor and the resting temperature for my processor is around 40°C. I downloaded the intel processor identification utility and it said my reported CPU speed is 3.7 GHz and my expected is 3.4 GHz. Is there something in the BIOS I need to change to lower the speed (and temperature) to normal or is there something else?
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The i7-3770 stock is 3.4GHz. It has up to 3.9GHz turbo boost. Note that it is perfectly safe and you won't damage anything.
If you really want to disable it, go into BIOS and disable Intel Turbo Boost.
I'm just worried that it boosted itself so much just from idling. If the temperature gets too hot will it automatically slow itself?
Yes, the Intel processors have built-in thermal throttling. It may boost itself to 3.9GHz but if it decides it's too hot, it will lower itself. I think it (throttling) enables at 90*C. (An extreme temperate you will most likely never ever see.)