Uhh, what?
No. The cooler it is the better it should actually function, granted there's no humidity in the air.
A CPU having transistors and all that jibber jabber at it's most basic level manipulates resistance to calculate data. Resistance generates heat, which in turn actually generates more resistance. If the temperature is low enough it should really reduce resistance generated from the thermal aspect of it, therefore leaving more power in the system making it more efficient, and allowing even lesss power to be used in it.
A CPU doesn't have MECHANICAL functionality on it. It's logical via diodes and transistors and the likes. Since it has no mechanical functionality, putting it at below freezing temps wouldn't even do anything...