There are three main wearout mechanisms for CMOS integrated circuits: electromigration, hot carrier degradation, and oxide breakdown. Each of the three has a different dependence on temperature, voltage, and clock frequency. The sensitivity of an integrated circuit (IC) to each is dependent more than anything on the particular design and fabrication process of the IC. Without access to Intel and AMD's reliability testing data, I couldn't tell you much about the relative importance of the three aforementioned failure mechanisms for their CPU's. However, I can tell you how temperature, voltage, and frequency changes affect each of the mechanisms.
The lifetime of an IC is shortened by electromigration in proportion to the square of the voltage and exponentially with increasing temperature. It is independent of clock frequency.
The lifetime of an IC is shortened by oxide breakdown exponentially with increasing voltage and exponentially with increasing temperature. It is independent of clock frequency.
The lifetime of an IC is shortened by hot carrier degradation in proportion to frequency and exponentially with increasing voltage. The temperature effect on hot electron degradation varies depending on transistor geometries and voltages--let's basically say it's independent of temperature.