A network device may receive traffic to be processed by a routing component, and may determine temperatures of an ASIC and an HBM of the routing component at a first time. The network device may determine whether the temperature of the ASIC satisfies a first ASIC temperature threshold or a second ASIC temperature threshold, and may determine whether the temperature of the HBM satisfies a first HBM temperature threshold or a second HBM temperature threshold. The network device may selectively throttle processing of the traffic by a first quantity when the temperature of the ASIC satisfies the first ASIC temperature threshold or the temperature of the HBM satisfies the first HBM temperature threshold, or throttle the processing of the traffic by a second quantity when the temperature of the ASIC satisfies the second ASIC temperature threshold or the temperature of the HBM satisfies the second HBM temperature threshold.