Infinity Observe is an open-source, self-hostable observability service in Rust that unifies logs, metrics and traces in a single plane, for teams that want to own their telemetry pipeline.
Splunk (now part of Cisco) is an established commercial platform for log analytics, search and security information and event management (SIEM), typically licensed on data ingest volume.
Splunk is a deeply established platform with powerful SPL search, dashboards and a full SIEM/security product line. Infinity Observe is a newer, self-hosted alternative in active development focused on core observability — it is not a SIEM. Evaluate your security-analytics needs separately.