My question is can I use two diodes...
Just use a regulator. It is cheaper than blowing up processors by trying to use diodes. If you don't need much current then there are tiny devices available.
Keith.
If you are dropping say 6V down to something that can tolerate say 3V to 5.5V then yes, that may be an option. If you are using a device specified at 3.3V +/-10% it isn't.
Keith.
If your ARM chip will work from 2.3V to 3.8V then you may be OK if you target the typical values to be in the middle of that range, say 3V. A lot of the Microchip devices have a wide operating range. Some don't - only 10%. Personally I feel regulators are so cheap that it isn't worth using 3 diodes and a resistor instead of a single regulator, particularly when you take placement cost in to account.
Keith.
But then why company like microchip supporting this type of supplies.
It is difficult to give specific part numbers without a specification, but have a look at Maxim and Micrel. MAX8511 is fixed 3.3V output at 120mA in SC70 package. If you have the space then the 78xx or 78Lxx series regulators are usually very cheap.
Keith.
Also, look at some of the National Semiconductor ones - LP2980, LP2982
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